At the peak of the correction, BTC (BTC) briefly traded at $82,256 before finding buyers but data suggests that further downside could occur before the market stabilizes. 

Independent market analyst Scott Melker posted the following chart and said, 

“Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear “elbow up” on the next candle to confirm. Noting here yet.” 

As Bitcoin charts new lows and risks falling back into the $70,000 zone, the Crypto Fear & Greed Index slipped to a one-year low at 21, a zone that is described as ‘extreme fear.’

Related: Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?

Data from Velo shows Bitcoin having its worst 3-day stint since 2022, and the analytics resource also highlighted the sharp billion-dollar outflows from the spot BTC ETFs. 

Beyond the weakness in the crypto market, which has been present for nearly a week, US equities markets also sold off, with the S&P 500 dropping after US President Donald Trump vowed to implement 25% tariffs against the EU.

In addition to the tariff threat, the Trump administration has also sent a memo to federal agencies that instructs them on how to carry out mass layoffs. 

While Bitcoin’s record-size liquidations over the past three days may have unveiled a “generational buying opportunity,” analysts are not yet ready to conclude that the worst part of the selling is over.

Current estimates vary among traders, but there are growing calls for a Bitcoin price bottom in the $80,000 to $71,000 price range. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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“I predict a peak MVRV this cycle around 3.2, meaning we have another bullish year in 2025 ahead before we reach the pico top this cycle,” Assure DeFi CEO and crypto analyst Chapo said in a Feb. 26 X post.

The last time Bitcoin’s MVRV reached this level was in April 2021, when Bitcoin tapped $58,253 — representing approximately a 101% gain from its $28,994 price at the start of 2021.

The MVRV will “spike vertically” at market top

“We aren’t there yet,” Chapo said. The MVRV signals whether Bitcoin (BTC) is overvalued or undervalued based on the ratio between its market capitalization and realized capitalization.

At the time of publication, Bitcoin’s MVRV is 1.95, as per Bitbo data, while Bitcoin is trading at $84,416, as per CoinMarketCap data.

Bitcoin dropped below $90,000 on Feb. 25, a day after US President Donald Trump announced his planned 25% tariffs on Canada and Mexico “are going forward on time, on schedule.” 

Chapo said that historically, the MVRV spikes significantly when Bitcoin’s price approaches its cycle peak.

“If history tells us anything, it’s that MVRV will spike vertically during a market top and reach a point at which profit-taking exceeds new buying interest, and the risk/reward for new entrants is no longer there,” he said.

An increasing MVRV signals a potential rise in Bitcoin profit-takers

When Bitcoin hit its all-time high of $109,000 on Jan. 20, just before Trump’s inauguration as US President, the MVRV spiked to 2.44. 

Similarly, when Bitcoin reached its previous all-time high of $73,679 in March, the MVRV was 2.67.

As the MVRV rises, it suggests that more Bitcoin holders are in profit and are likely to cash in some of their gains. Chapo said when profit-takers sell to new buyers, the cost basis decreases, leading to a decline in the MVRV. 

Related: Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?

For example, when Bitcoin fell to $53,949 on Sept. 7, 2024, the MVRV fell to 1.71.

“This is healthy, as new buyers aren’t expected to sell until they too are in profit, which requires a higher price,” Chapo said.

However, CryptoQuant head of research Julio Moreno said that the MVRV indicator indicates Bitcoin could experience further downside before it resumes its upward trend.

“All valuation metrics are in correction territory. It can take more time. For example, MVRV is below its 365-day moving average. This is a simple, yet powerful, indicator,” Moreno said in a Feb. 26 X post.

Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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On Feb. 26, the Crypto Fear & Greed Index slipped deeper into “Extreme Fear,” reaching a score of 10.

Bitcoin falls under $85,000

That’s its lowest level since June 2022, when crypto hedge fund Three Arrows Capital (3AC) started to see its downfall — and just a month after the collapse of Terraform Labs’ Terra (LUNC) and TerraClassicUSD (USTC) tokens, along with crypto lender Celsius pausing all user withdrawals just weeks after its native token Celsius (CEL) dropped 90%.

While there were no major crypto collapses ahead of the sentiment plunge on Feb. 26, many observers have blamed heightened macroeconomic uncertainty.

The sentiment indicator first entered the “Extreme Greed” territory the day prior, on Feb. 25. That’s when Bitcoin (BTC) dropped below $90,000 for the first time since November, after US President Donald Trump said a day earlier that his planned 25% tariffs on Canada and Mexico “are going forward on time, on schedule.” More recently, Trump said during a Feb. 26 cabinet meeting that he will also be imposing a 25% tariff on the European Union.

At the time of publication, Bitcoin is down 17.32% over the past 30 days, trading at $84,408, according to CoinMarketCap data.

It bears a resemblance to June 19, 2022, when the index dropped to 6 as Bitcoin tumbled to $19,000, having lost 37% over 30 days.

Related: Bitcoin price enters generational buying territory — Should traders expect more downside?

At the time, the downfall was largely attributed to the collapse of the TerraUSD stablecoin, which lost its peg to the US dollar (USD) on May 9, 2022. Panic selling wiped out a combined $60 billion from the crypto ecosystem.

The impact rippled through the entire crypto industry. 3AC faced insolvency fears on June 16 after it failed to meet margin calls from its lenders. 3AC was ordered into liquidation on June 27. On July 13, Celsius entered into bankruptcy proceedings.

Analysts weigh in on fearful crypto sentiment

Collective Shift founder Ben Simpson told Cointelegraph that the current market conditions could present a buying opportunity for crypto investors.

“The Simple strategy over the past few years has been to buy during extreme fear and sell during Greed,” Simpson said.

“If you’ve done that, you’ve really outperformed the market and probably outperformed most traders,” Simpson said.

He explained that the crypto market’s negative sentiment comes from high expectations following Donald Trump’s inauguration not being met:

“There is not much to be hopeful or excited about at the moment. Everyone had put a lot of confidence in Donald Trump to push his crypto angle, but at the moment, he is busy doing other things.”

Echoing a similar sentiment, Swyftx lead analyst Pav Hundal told Cointelegraph that “it is an unforgiving environment right now, and it’s draining confidence.

”The next few weeks could be rocky, but global liquidity levels have been rising week-on-week, and historically, that is a leading indicator for Bitcoin. March is shaping up to be an important month,” Hundal said.

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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BlackRock’s spot Bitcoin (BTC) ETF (IBIT) shed 5,000 BTC on Feb. 26, its largest outflow to date, eclipsing the $332 million it lost on Jan. 2. 

The massive outflow follows a record day of bleeding from the products on Feb. 24, when more than $1.1 billion exited on aggregate. It also culminates in a seven trading day outflow streak that has seen almost $3 billion exiting the products. 

The BlackRock outflow brings the day’s total outflow to $756 million, according to preliminary figures from CoinGlass. However, ETF Store President Nate Geraci said he thinks it is a “shorter-term blip.”

The Fidelity Wise Origin Bitcoin Fund (FBTC) also saw a seven-day outflow streak, with a further $145.7 million exiting the product on Feb. 26.

Bitwise, Ark 21Shares, Invesco, Franklin, WisdomTree and Grayscale all saw outflows ranging between $10 million and $60 million.

Crypto markets have extended losses, with total capitalization falling a further 5.6% on the day to $2.9 trillion and Bitcoin dumping to a low of $82,455 on Feb. 26. 

The market correction now stands at 25%, with $1 trillion exiting the space since its all-time high on Dec. 17.

However, CryptoQuant founder and CEO Ki Young Ju said it would be a “noob” mistake to “panic sell,” and a 30% correction in a Bitcoin bull cycle is common as “it dropped 53% in 2021 and still recovered to an ATH,” he said. 

“Buying when prices rise and selling when they fall is the worst investment strategy,” he said on X. 

Related: US spot Bitcoin ETFs see largest-ever daily outflow of $938M

Analysts and industry experts such as BitMEX co-founder Arthur Hayes and 10x Research head of research Markus Thielen said that the majority of Bitcoin ETF investors are hedge funds seeking arbitrage yields, not long-term BTC investors, and they are now unwinding their positions as these yield opportunities dry up.

Hayes predicted on Feb. 24 that BTC would dump to $70,000 on the continued outflow from spot ETFs. Traders have also targeted the $74,000 zone as US President Donald Trump threatened more trade tariffs. 

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

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Bitcoin mining company Core Scientific unveiled plans for a $1.2 billion data center expansion in partnership with artificial intelligence startup CoreWeave. The announcement followed the company’s fourth-quarter 2024 earnings report, which showed a net loss of $265 million.

On Feb. 26, the Bitcoin (BTC) mining company published its fourth quarter and full-year results for 2024. It reported a net loss of $265.5 million in Q4, largely attributed to a $224.7 million “non-cash mark-to-market adjustment to warrants and other contingent value right liabilities.”

The company said the adjustment was necessary due to a significant year-over-year increase in its stock price, requiring it to update the accounting of financial obligations. Core Scientific emphasized that the loss did not represent actual cash outflows.

Alongside its earnings report, the company announced a data center expansion in Texas in collaboration with CoreWeave. The company expects the project to generate $1.2 billion in contracted revenue as it positions itself as a provider of application-specific data centers for high-performance computing (HPC) workloads. 

Core Scientific may see $10 billion revenue with CoreWeave

Core Scientific said it’s positioned to capitalize on the growing demand for energy-dense and application-specific data centers. While its new agreement anticipates $1.2 billion, the company said it could generate over $10 billion in potential cumulative revenue with CoreWeave. 

Core Scientific CEO Adam Sullivan said the company is thrilled to deepen its relationship with CoreWeave. He said: 

“We are thrilled to deepen our relationship with CoreWeave as we continue developing large-scale HPC projects that power advanced AI and other low-latency workloads.”

The company said that by expanding its capacity in Denton, Texas, they are building “one of the largest GPU supercomputers in North America.” 

Google Finance data shows that the crypto mining company’s stock price rose by 12.29% from $10 to $11.25 during after-hours trading following its data center announcement. 

Related: Core Scientific to host more CoreWeave infrastructure, targets $8.7B revenue

Bitcoin miners expand into AI hosting

Core Scientific’s move highlights how mining companies are capitalizing on opportunities in AI hosting. According to fund manager VanEck, as of last August, Hive Digital, Hut 8 and Iris Energy were among those that had already converted part of their businesses to HPC and AI. 

On Oct. 4, Bitcoin mining firm TeraWulf sold its stake in a Bitcoin mining facility for $92 million, saying that the proceeds would go toward hosting AI and building HPC data centers. 

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

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Traders and analysts believe in the potential for Bitcoin to drop further, specifically to fill a CME gap below $80,000. Let’s take a closer look at the mechanics behind this scenario, why it matters, and how low Bitcoin’s price could go.

Bitcoin CME gap to $78,000 likely to be filled

The most recent swoop to the downside saw BTC price fall to $82,000 on Feb. 27, leading market participants to speculate on whether a CME Bitcoin futures gap below $80,000 could be filled.

What to know:

• The Chicago Mercantile Exchange (CME) offers Bitcoin futures, a regulated derivative product that institutional investors heavily rely on. 

• Unlike the spot market, which trades 24/7, CME futures have specific trading hours, closing on weekends and holidays. 

• This discontinuity often creates “gaps” on the CME Bitcoin futures chart.

• Historically, these gaps tend to act as magnets—it’s rooted in market psychology and institutional behavior, with Bitcoin’s price often returning to “fill” them over time.

• One such gap exists below $80,000, as seen in the chart below.

• After Bitcoin briefly surged past $90,000 in November 2024, a subsequent sell-off left an unfilled gap between approximately $77,930 and $80,670 on the CME chart.

• Technical analysts argue that Bitcoin may revisit this zone to close the gap before resuming any sustained upward trend.

• Historically, gaps at $9,700 in 2020 and $35,000 in 2021 were filled months later, often during periods of consolidation or correction.

• The current gap aligns with Bitcoin’s 200-day exponential moving average (EMA, currently at $79,500, reinforcing it as a key support area. 

Related: Is BTC price about to fill a $78K Bitcoin futures gap?

Bitcoin price may drop to $73,000 or lower

Market participants expect that once Bitcoin price drops to fill the CME gap, it could embark on a sustained uptrend. Failure to do this could see the price revisit the March 2024 all-time highs above $73,000, according to popular Bitcoin analyst AplhaBTC.

In an X post on 25, AlphaBTC said:

• “Bitcoin is holding on for dear life” after losing support at $85,000.

• The latest sell-off has seen the asset break below key levels of support and “finally fill in some of the inefficiency left from the Trump pump.”

• If the BTC doesn’t hold above the CME gap of around $77,000, it will drop lower toward March 2024 highs.

“The November CME gap is sitting at around 77K. Will #BTC be able to HODL here? or are we going back to test the highs from early Mar 2024?”

Founder of MN Capital Michael van de Poppe argued that after taking the liquidity beneath the $85,500 level, the chances of BTC price dropping lower are “substantially high” as altcoins begin to break out “massively against Bitcoin.”

For van de Poppe, the key levels to watch on the downside are:

• The $72,000 support zone was created during the November 2024 rally after Donald Trump’s victory.

• The $65,000 level, and the $58,000 to $60,000 area, which is a demand zone to hold.

• Lower than that, August 2024 support level above $52,000 could be Bitcoin’s last line of defense.

Meanwhile, significant liquidity is building up in the lower-$70,000 range, as per data from CoinGlass.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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In fresh X analysis on Feb. 27, trader and analyst Rekt Capital flagged an incoming “gap” in CME Group’s Bitcoin futures markets.

Battle of the Bitcoin futures gaps begins

Bitcoin (BTC) hit new multimonth lows around $82,160 into the Feb. 26 daily close, data from Cointelegraph Markets Pro and TradingView confirmed, and subsequently rebounded by about 5%.

Despite this, fears remain over where the market may put in its next local bottom, thanks to a broad liquidity wipeout and lack of buyer conviction.

The latest data from monitoring resource CoinGlass shows dispersed bid liquidity around $80,000, which pales in comparison to the wall of asks up to $90,000.

For Rekt Capital, however, there are two easy targets on the horizon.

Bitcoin has created a sizeable CME gap both to the upside and downside and if history is a guide, price should eventually “fill” both levels.

“Bitcoin is getting closer to filling the CME Gap that created between $78000 and ~$80700 in November 2024,” the analysis reported.

“On this retrace however, Bitcoin has developed a brand new CME Gap between ~$92700 and ~$94000.”

Rekt Capital noted that the upside gap matches the lows of what was until this week a three-month-long trading range.

“This offers some confluence to the idea of price revisiting $93500 at some point in the future as part of a post-breakdown relief rally,” he concluded, referencing another target from the day prior.

“Especially since Bitcoin has filled almost every CME Gap that formed since mid-March 2024 thus far.”

Bitcoin reaches multiple “potential reversal points”

Some markers are already calling for an enduring reversal to take place.

Related: Bitcoin enters ‘technical bear market’ as BTC price drops 20% from all-time high

The Crypto Fear & Greed Index hit multi-year lows of just 10/100 this week, surpassing the level of “extreme fear” that accompanied the collapse of crypto exchange FTX.

Analyzing short-term holder (STH) behavior, Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, revealed the aftermath of panic selling.

Adler used the STH market value to realized value (MVRV) metric, which divides the BTC price by the cost basis of the STH investor cohort.

“The STH MVRV (155-day) metric has periodically dropped below one, indicating periods of short-term undervaluation and potential reversal points,” he told X followers.

“The current values have once again approached the lower levels.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bybit received in-principle approval to set up a virtual asset platform operator in the UAE from the Securities and Commodities Authority (SCA), the exchange announced on Thursday, Feb. 27.

The approval marks a significant regulatory milestone for Bybit as it entered the final stages of obtaining the full operational license.

With the approval, Bybit inched closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE.

Approval came days before Bybit’s hack

Dated Feb. 18, Bybit’s in-principle approval in the UAE came just a few days before the exchange fell victim to a $1.4 billion hack on Feb. 21.

The incident has been called one of the biggest crypto hacks in history, occurring during a transfer between Bybit’s cold and hot wallets.

“This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions,” Bybit co-founder and CEO Ben Zhou said in the announcement, adding:

“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

Bybit scales in India, Georgia, Kazakhstan, Turkey

Beyond the UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in jurisdictions like India, Georgia, Kazakhstan and Turkey.

On Feb. 25, Bybit announced its comeback to India, stating that the firm had registered with government authorities and resumed all services in the country.

To move forward with the market reentry, Bybit was required to pay a $1 million penalty issued by India’s Financial Intelligence Unit (FIU) on Jan. 31. According to the authority, the exchange had violated India’s Information Technology Act by servicing Indian users without securing mandatory registration with the FIU.

Issues in EEA and Malaysia

In late 2024, Bybit announced temporary adjustments to operations in the European Economic Area (EEA), citing compliance with Europe’s Markets in Crypto-Assets (MiCA) regulations.

“Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services within the EEA,” the company said in December 2024.

Announcing the EEA halt, Bybit noted that it was working toward obtaining a MiCA license in Austria.

Related: Bybit CEO declares ‘war against Lazarus’ after $1.4B hack

In line with Bybit’s efforts to regain European presence, the French financial regulator, Autorité des Marchés Financiers, recently removed the exchange from its noncompliance list after blacklisting it in May 2022.

The exchange continues to face regulatory challenges in some countries. In December 2024, Malaysia’s Securities Commission asked Bybit to cease operations in the country, accusing it of operating an unregistered digital asset exchange.

Magazine: How crypto laws are changing across the world in 2025

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On Feb. 27, Metaplanet announced the fresh issuance of 0% ordinary bonds worth 2 billion yen to purchase Bitcoin (BTC). According to the notice, this was the seventh time Metaplanet issued ordinary bonds for making Bitcoin purchases.

Metaplanet will issue 40 ordinary bonds, each with a face value of 50 million yen. The bonds, which bear no interest, will be redeemable in full on Aug. 26, 2025.

According to the company, the proceeds will be allocated to Evo Fund, Metaplanet’s dedicated Bitcoin acquisition fund.

Related: Metaplanet, El Salvador stack Bitcoin as BTC slides 5% in 10 hours

Continuing a Bitcoin purchase streak

Since May 13, 2024, Metaplanet has purchased Bitcoin on 17 occasions, its biggest being a 619.7 BTC acquisition on Dec. 20, 2024. 

The company has accumulated 2,235 BTC, valued at about $192.4 million.

While the company was founded in 1999, Metaplanet’s stock prices — listed on the Tokyo Stock Exchange — have struggled since 2013. 

The company’s shift toward Bitcoin accumulation has drawn comparisons to Strategy (formerly MicroStrategy), the US software firm co-founded by Michael Saylor that pioneered Bitcoin treasury investments.

Bitcoin helps appreciate Metaplanet stock prices

Metaplanet’s stock has surged since it began acquiring Bitcoin, rising from 200 yen to 6,650 yen in early 2025, marking a 3,225% increase in less than a year.

Still, its shares have since pulled back and currently trade at around 4,000 yen.

During the February stock surge, Metaplanet announced plans to acquire 10,000 Bitcoin by Q4 2025 and that it intends to increase its total holdings to 21,000 BTC by the end of 2026, which would be worth $2 billion in current market prices.

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

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In a Nov. 9 post to X, Ki said he expects Bitcoin to close the year at $58,974 and asked others to speculate on the yearly close, adding that he’d pay 0.1 BTC to the person with the closest answer. 

“I expected corrections as BTC futures market indicators overheated, but we’re entering price discovery, and the market is heating up even more,” Ki said. 

“If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market, [in my opinion].”

“Hope I’m wrong,” he added in his original post. 

Bitcoin is currently showing a record level of open interest — a measure of how many active positions are open on Bitcoin derivatives like futures and options — at nearly $50 billion, per CoinGlass data. 

Still, Collective Shift CEO Ben Simpson told Cointelegraph that while a pullback to $58,000 was always possible, he considered it to be “very unlikely” by the end of this year. 

“With the Trump election, interest rates coming down, the potential for quantitative easing starting up in the future, and getting relatively consistent days of a billion dollars Bitcoin ETF volume, more people are catching on,” he said. 

The price of Bitcoin has surged 17.3% in the last seven days, briefly rallying to notch another new all-time high of $81,570 on Nov. 10.

Related: Bitcoin ripe for ‘major leg down’ as BTC price nears $80K — Trader

Last week, the cohort of 11 spot Bitcoin ETFs witnessed a combined $1.6 billion in net inflows, with Nov. 7 standing as the largest inflow day on record, according to data from Farside Investors. 

“When you’ve got a limited supply asset like Bitcoin and the amount of demand that’s coming in, the space is only going one way,” said Simpson.

“In previous cycles, 20-30% corrections are completely normal, but the slow grind higher for Bitcoin has been so exciting to see because the pullbacks are only between five and six percent so far,” Simpson added. 

“The market structure is looking super strong. There’s always the potential to dip suddenly but I think we keep moving higher.”

Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes

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