{"id":1944,"date":"2022-02-25T07:31:11","date_gmt":"2022-02-25T07:31:11","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1944"},"modified":"2022-02-25T07:31:12","modified_gmt":"2022-02-25T07:31:12","slug":"bitcoin-btc-has-it-seen-the-worst-of-the-price-drop","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-has-it-seen-the-worst-of-the-price-drop\/","title":{"rendered":"Bitcoin (BTC): Has it Seen the Worst of the Price Drop"},"content":{"rendered":"\n<p>Bitcoin (BTC) answered with a deep crash to the news of Russia\u2019s operations in Ukraine. Overall, global markets backtracked on the unknown effects of the conflict. BTC dipped to $34,500, only to regain some of its positions to $36,063.03 late on Thursday.<\/p>\n\n\n\n<p>BTC also managed to shoot up within minutes and rally to above $38,619.19, showing that the most recent dip was a temporary phenomenon and the markets remain well-supported.&nbsp;<\/p>\n\n\n\n<p>BTC trading also turned to a higher activity range, after a few sluggish days, ranging to $37B in 24 hours. For some, this was a rush to either sell or buy the recent dip and potentially benefit from the coming recovery.<\/p>\n\n\n\n<p>Ethereum (ETH) returned above $2,400 again, with only 7% daily net loss. Altcoins that rallied in the past few days also retreated slightly, waiting for a potential return to stability.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Binance Marks Heightened Activity<\/strong><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">Binance International exchange<\/a> noted potential trading anomalies, possibly linked to heightened demand. The market operator this time does not expect traffic disruptions.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">We\u2019ve detected traffic abnormalities on <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> recently, much like other global tech platforms. <br><br>However, we have scaled our system capabilities significantly over the last few years, and we do not currently expect any disruptions for users. Updates will be shared if required.<\/p>&mdash; Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1496913090079776775?ref_src=twsrc%5Etfw\">February 24, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The Binance emergency happened days after a tester discovered a <a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-falls-to-38000-after-coinbase-bug\/\">potentially fatal flaw with Coinbase Pro<\/a>, where users could place token orders and perform trades without depositing the actual assets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Sentiment Shifts Back to Extreme Fear<\/strong><\/h3>\n\n\n\n<p>BTC trading sentiment shifted again to \u201cextreme fear\u201d at 23 points on the Crypto Fear and Greed Index. BTC sank in the past week after touching neutral sentiment.&nbsp;<\/p>\n\n\n\n<p>The next direction of BTC is still contingent on upcoming closing levels and end of the month settlements.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Don&#39;t count <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> out just yet.<br><br>Daily close at 7pm EST is what matters.<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/ZqDB6VQYis\">pic.twitter.com\/ZqDB6VQYis<\/a><\/p>&mdash; Justin Bennett (@JustinBennettFX) <a href=\"https:\/\/twitter.com\/JustinBennettFX\/status\/1496882629542567936?ref_src=twsrc%5Etfw\">February 24, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>However, more bearish expectations see BTC sink under $20,000 for the first time since 2021, dragging down other major assets in a worst-case scenario.&nbsp;<\/p>\n\n\n\n<p>In the short term, the presence and attacks on leveraged positions may continue, and exchanges currently have ample stablecoins to provide liquidity and rapid price moves.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">When <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> plunges below $28,000 and eventually below $20,000\u2026 it will be an opportunity of a lifetime for a few, but extreme pain for over 90% of crypto investors. Which side do you want to be on?<\/p>&mdash; Daye (@jevauniedaye) <a href=\"https:\/\/twitter.com\/jevauniedaye\/status\/1496336933412290565?ref_src=twsrc%5Etfw\">February 23, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Liquidations in 24 hours during the crash to $34,000 reached more than $566M for all assets, with $41.2M in BTC liquidations. Despite this, spot buying showed a strong instance of buying, revealing confidence that the BTC price weakness may be temporary.<\/p>\n\n\n\n<p>Now, the story for BTC may return to the available liquidity and levels where buying is readily available. Not all positions are well-supported by liquidity, potentially leading to rapid price drops.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#39;s price tends towards significant liquidity levels. Liquidity levels are points where buyers and sellers agree on the price.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> range: $36k-$40k<br><br>Find out more in our latest Uncharted<a href=\"https:\/\/t.co\/4uNA0Rp3VX\">https:\/\/t.co\/4uNA0Rp3VX<\/a> <a href=\"https:\/\/t.co\/fvVcFoFOPd\">pic.twitter.com\/fvVcFoFOPd<\/a><\/p>&mdash; \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) <a href=\"https:\/\/twitter.com\/Negentropic_\/status\/1496245822819868675?ref_src=twsrc%5Etfw\">February 22, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>This is one of the reasons potentially BTC may not be done with the bear cycle. Some predictions see BTC taking around 50 days to recover from the news of armed conflict. At this point, it is uncertain how economic sanctions for Russian banks would affect BTC. Just days before the Ukraine situation, Russia set out to heavily regulate BTC buying, limiting most users to just small purchases.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BTC Holding Continues<\/strong><\/h3>\n\n\n\n<p>Despite price drops, the latest crop of buyers may be more willing to wait out losses instead of selling at the low points. Currently, more than 76% of BTC is held for the long term. Around 33% of all coins have been acquired at prices that led to unrealized losses.&nbsp;<\/p>\n\n\n\n<p>Buying also happened near the daily lows, with significant demand not seen since the end of 2021.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><br><br>The last 4-hour candle had the highest volume since the December 4th mega dump.<br><br>In this case, the volume candle was actually green. <a href=\"https:\/\/t.co\/B1WzahtqUp\">pic.twitter.com\/B1WzahtqUp<\/a><\/p>&mdash; The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/1496786579628728322?ref_src=twsrc%5Etfw\">February 24, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The BTC rainbow chart holds the sign of still cheap prices, though not a real accumulation level bargain. BTC is now stuck in the zone between buying more and potentially holding through turbulence.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ETH Remains Bearish<\/strong><\/h3>\n\n\n\n<p>ETH may continue with a bearish trend, with extreme lows seen around $1,000. ETH has the potential to have deeper repercussions for DeFi and related projects.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> (1D); price is bearish and currently trading lower inside a bearish channel pattern<br><br>Price formed double top pattern and lost the demand zone at $2800, I&#39;m expecting price to continue selling to $1700 where we are likely going to see the trend turn bullish <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> <a href=\"https:\/\/t.co\/UfD6kYaXwt\">pic.twitter.com\/UfD6kYaXwt<\/a><\/p>&mdash; \ud83d\udfe8 CRYPTO GENERAL \ud83d\ude80 (@DaCryptoGeneral) <a href=\"https:\/\/twitter.com\/DaCryptoGeneral\/status\/1496821897740259339?ref_src=twsrc%5Etfw\">February 24, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>ETH may test the resilience of projects and their potential to create value, as most DeFi projects prefer an appreciating underlying asset.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/tradersofcrypto.com\/news\/why-terra-luna-recovers-first-after-dips\/\">Terra (LUNA)<\/a> remains one of the strongholds of decentralized finance. LUNA prices still have the support of regular burns and staking.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>LUNA Resumes Trek to $70<\/strong><\/h3>\n\n\n\n<p>The specific nature of LUNA and its ecosystem may be helping the asset appreciate over time, while resisting a bear market.&nbsp;<\/p>\n\n\n\n<p>LUNA slid to around $54 before making a rapid recovery. Within less than an hour late on Thursday, LUNA climbed to $63.34. Solana (SOL) also stabilized at around $91.92. Avalanche (AVAX) also traditionally gained positions, rising to $78.72.&nbsp;<\/p>\n\n\n\n<p>One altcoin indicator, the price of Dogecoin (DOGE) also showed resilience. Despite the drop, DOGE stabilized at around $0.12 with significant social media hype and activity.<\/p>\n\n\n\n<p>Overall, altcoins are yet to recover fully. The dominance of BTC expanded to 42.3%, while ETH and most altcoins lost positions in Satoshi terms. However, a BTC rally may also trigger a renewed altcoin season.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) managed to erase its losses after dipping to $34,000, jumping once again above $38,000 on a sudden peak in trading volumes.<\/p>\n","protected":false},"author":3,"featured_media":1947,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[23,12,6],"class_list":["post-1944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-binance","tag-btc","tag-eth","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=1944"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/1947"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=1944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=1944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=1944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}