Bitcoin has slipped below $80k as the bearish trend continues into the weekend. Will the declining BTC price hit $75k next?
In the past 24 hours, the crypto market has witnessed a liquidation of nearly $850 million. Amid the high liquidations, Bitcoin has broken under its $80,000 support level and is trading at levels last seen on November 10, 2024.
Currently, Bitcoin is moving at a market price of $79,616, with an intraday pullback of 5.9%. This marks a prolonged correction in BTC and hints at a potential retest of the 50% Fibonacci level at $75,000.
Bitcoin ETF Outflows Hit 8-day Streak
With another bearish outflow, U.S. spot Bitcoin ETFs lost $275.83 million on February 27. However, this represents a significant decline in intensity compared to the previous three trading days.
Bitwise remains the only ETF with an inflow of $17.65 million, while ARK, 21Shares, Invesco, and Hashdex are seeing net-zero flows. BlackRock offloaded a massive $189.02 million, followed by WisdomTree, which dumped $53.78 million. The remaining six outflowing ETFs recorded outflows ranging from $13 million to $5 million.
Whales Move 40,000 BTC in 96 Hours
According to a recent tweet by Ali Martinez, crypto whales have moved the largest amount of Bitcoin in the past 4 days. The analyst reports that whales have transferred 40,000 BTC in the past 96 hours.
This marks a notable decline in whale holdings, from 4.53 million BTC to 4.49 million BTC.
Whales have moved over 40,000 #Bitcoin $BTC in the last 96 hours! pic.twitter.com/NIByZRpy0w
— Ali (@ali_charts) February 28, 2025
Ki Young Ju, founder and CEO of CryptoQuant, suggests that Bitcoin is likely to experience extended consolidation. The price could dip to the $75k level before entering a potential consolidation range between $75,000 and $100,000, similar to early 2024.
During distribution phases, asset prices tend to drop if new liquidity dries up. With BTC’s declining price, the key question remains: Where will new liquidity come from?
The analyst expects the consolidation range to hold until either a sentiment boost for Bitcoin emerges or new liquidity enters the market.
#Bitcoin spot volume was highly active around $100K.
In distribution phases, prices drop when new liquidity dries up. The key question regarding whether the BTC market will face years of bear markets is: Where will fresh liquidity come from?
We’ll likely see an extended… https://t.co/orwYq8nvMD pic.twitter.com/3PQ40r08J3
— Ki Young Ju (@ki_young_ju) February 28, 2025
Bitcoin Follows Wyckoff’s Pattern, $75k Next?
Bitcoin’s price action reveals a bearish breakdown of the 61.80% Fibonacci level at $81,857. With its fourth bearish engulfing candle this week, Bitcoin has dropped to the $80,000 mark.
The daily chart, showing BTC’s price trend since September 2024, reveals a classic Wyckoff pattern, beginning with an uptrend. BTC underwent a distribution phase between $91,781 and $106,184.
Bitcoin Price ChartWith the overhead range breakout, BTC has now entered the markdown phase, suggesting a potential decline driven by increased supply.
Based on Fibonacci levels and the current rise in bearish momentum, Bitcoin is likely to test the 50% Fibonacci level. In the unlikely event of a bullish reversal, the immediate resistance for Bitcoin would be the 61.80% support-turned-resistance level at $81,855.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
