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“Critical Correction” and “Tactical Retreat” For bitcoin, the week started at the $95,500 mark. However, on the night of Tuesday, 25 February, the rate of the first cryptocurrency broke through the $91,000 level, which had previously limited its decline.  The cryptocurrency Fear & Greed Index collapsed from 49 to 25 points overnight, moving into extreme anxiety territory. The price hit a local low around $78,000 by midweek. BTC/USD hourly chart of the Binance exchange. Source: TradingView. On 2 March, amid Donald Trump’s announcement to include XRP, SOL and ADA in the US national cryptocurrency reserve, the price of bitcoin went up, although the asset was not mentioned. At the time of writing, the digital gold is trading at ~$90,600 with a capitalisation of $1.75 trillion, down around 8.5% for the week. Experts at Bitfinex exchange declared that the drop below $91,000 is a “tipping point” amid a three-month consolidation. Analysts said the first cryptocurrency’s correlation with traditional financial markets is increasing. The decline in investor activity is supported by macroeconomic instability.  Binance CEO Richard Teng called the crypto market correction a “tactical retreat.” In his opinion, the drawdown is short-term and will not last long; “It is important to view this as a tactical retreat and not a reversal. This has happened before and the rebound was even stronger. That is why we should remain optimistic,” he wrote. On 27 February, amid the ongoing market decline, the fear and greed index dropped to 10 points, corresponding to the zone of extreme panic. The last time such values were observed was in June 2022. Matrixport analysts estimate that bitcoin’s current pullback will last until March or April before a rally to previous highs is attempted. Specialists noted the strengthening of USD amid the US President’s threats to introduce duties against foreign trade partners, which reduces liquidity and puts pressure…

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Filed under: News - @ March 3, 2025 4:25 pm