$90K BULL MARKET SUPPORT RETEST? 5 THINGS TO KNOW IN BITCOIN THIS WEEK

Is Bitcoin bracing for another dip? Bybit攻击者疑似在PumpFun发行Meme代币进行洗钱As February draws to a close, the crypto market is shrouded in uncertainty. For BTC price to shift back into a bullish trend, it must break above $85,000, which is acting as immediate resistance. If Bitcoin price successfully clears this level with strong buying volume, the next target would be $90,000, a major psychological resistance zone.Traders are anxiously watching for a potential retest of the $90,000 support level, a price point that could determine whether the recent bullish momentum can be sustained.After a week that saw Bitcoin achieve its highest-ever weekly close (twice!) just shy of $90,000, the question on everyone’s mind is: can the bulls stave off a fresh dip and maintain the upward trajectory? Bitcoin heads into the end of February in an uncertain mood; can bulls avoid a fresh $90,000 dip?Traders map out BTC price support toward $90,000Bitcoin remains stuck in a narrow range, data from Cointelegraph Markets Pro and TradingView shows, after the Bybit hack crushed last week s attempted upsMarket inertia seems to be favoring the bears, and concerns are mounting that we might see a return to lower price ranges. Bitcoin traders worry over a return to BTC price-range lows as market inertia keeps bears in control heading into the monthly close.This week, several factors are at play, from macroeconomic influences to on-chain metrics, influencing Bitcoin’s price action.From Trump's administration considering accumulating Bitcoin for the US Digital Asset Reserve to the aftermath of the Bybit hack, the landscape is complex and ever-changing.Let's dive into the five crucial things you need to know about Bitcoin this week to navigate these turbulent waters and understand what might be next for the king of crypto.Prepare to learn about key resistance levels, market sentiment, and potential catalysts that could trigger a significant price movement.

1.The $90,000 Support Level: A Line in the Sand

The $90,000 level is proving to be a critical battleground for Bitcoin. World s richest families worth $75B in a rare selling spree amid market volatilityTraders are closely monitoring this price point, viewing it as a significant support zone that needs to hold to prevent further downside. Market sentiment is bad, and as network activity drops, analysis warns of trouble brewing. Traders map out BTC price support toward $90,000. Bitcoin remains stuck in a narrow range, data from Cointelegraph Markets Pro and TradingView shows, after the Bybit hack crushed last week s attempted upside breakout. BTC/USD 1-hour chart.A failure to maintain support at $90,000 could signal a deeper correction and a potential revisit of lower price ranges.

But why is $90,000 so important?It's not just a nice round number; it represents a confluence of technical and psychological factors:

• Psychological Barrier: Round numbers often act as psychological resistance and support levels.Traders tend to place buy and sell orders around these numbers, creating self-fulfilling prophecies.
• Recent Highs: Bitcoin has repeatedly tested and been rejected near the $90,000 mark, solidifying it as a key level to overcome for a sustained bullish breakout.
• Liquidity Pool: Liquidity is piling up on either side of this mark, indicating a battle between buyers and sellers around this key price point.

Traders are mapping out potential support levels below $90,000, with some analysts suggesting $94.7k and $92.5k as immediate defense lines. Next post US Bitcoin ETFs lose $1.14B in two weeks amid US-China trade tensions Related posts Bitcoin s quantum-resistant hard fork is inevitable It s the only chance to fix node incentivesHowever, a break below $90,000 could open the door to a more significant correction. Trump Orders Treasury and Commerce Departments to Explore Bitcoin Accumulation for U.S. Digital Asset ReserveKeep a close eye on trading volume around these levels, as increased selling pressure could confirm a bearish trend.

2.Market Sentiment and Network Activity: Trouble Brewing?

Beyond the technical analysis, market sentiment and network activity provide valuable insights into the overall health of the Bitcoin ecosystem.Unfortunately, the current indicators suggest that trouble might be brewing.

Market sentiment is currently negative. Fear and uncertainty are palpable as Bitcoin struggles to maintain its upward momentum. $90K Bull market support retest? 5 Things to know in Bitcoin this week Berachain TVL surges above $3.2B, overtaking Base and Arbitrum China Calls on the US to Stop Weaponizing Trade IssuesThis negative sentiment can lead to increased selling pressure and exacerbate price declines.

Furthermore, network activity is dropping. This is a concerning sign, as a healthy Bitcoin network thrives on active participation. Bitcoin is facing uncertainty as it approaches the end of February, with liquidity building around the $90,000 mark. Analysts are divided on the market's direction, noting potential support levels at $94.7k and $92.5k. Conversely, some traders warn that a bottom touch at $90k is likely if pricesA decline in transaction volume, active addresses, and overall network usage suggests waning interest and potentially less demand for Bitcoin.

What does this mean for you?

• Be cautious: Exercise caution when making investment decisions in this uncertain environment.
• Do your research: Don't rely solely on market sentiment.Conduct your own due diligence and make informed decisions based on your risk tolerance.
• Consider dollar-cost averaging: If you believe in the long-term potential of Bitcoin, consider using a dollar-cost averaging strategy to mitigate the risks associated with short-term volatility.

3.The Bybit Hack and Its Ripple Effects

The recent hack of the Bybit crypto exchange, even with the CEO's assurance of solvency and 1:1 asset backing, has sent shockwaves through the market.The incident has raised concerns about security and trust within the crypto ecosystem.A hack of this magnitude – reportedly the ""largest heist of all time"" by some – can have significant ripple effects, even if contained by the exchange itself.

Here's how the Bybit hack could be impacting Bitcoin:

• Erosion of Trust: Hacks erode investor confidence and can lead to a decrease in overall market participation.
• Forced Liquidations: If Bybit had to liquidate some of its Bitcoin holdings to cover losses from the hack, it could have contributed to downward price pressure.
• Increased Volatility: Such incidents often lead to heightened volatility as traders react to the news and adjust their positions.

Adding insult to injury, the alleged hackers are reportedly using PumpFun to issue Meme tokens to launder their money from Bybit.

It's important to note that Bybit maintains they have enough money to cover the loss, and user's holdings were not affected.It is also important to remember that even with these negative impacts, they are usually short-lived.

4. Bitcoin traders worry over a return to BTC price range lows as market inertia keeps bears in control into the monthly close.Resistance at $85,000 and the Path to $90,000

Before Bitcoin can even think about retesting the $90,000 support level, it needs to overcome a significant hurdle: the $85,000 resistance.For BTC price to shift back into a bullish trend, it must break above $85,000, which is acting as immediate resistance.

This level is proving to be a tough nut to crack, as Bitcoin has struggled to sustain any rallies above it.A decisive break above $85,000, accompanied by strong buying volume, would signal renewed bullish momentum and pave the way for a retest of $90,000.

However, even if Bitcoin manages to break above $85,000, the road to $90,000 will not be easy. $90,000 represents a major psychological resistance zone, and traders should expect strong selling pressure at this level.

What to watch for:

• Buying Volume: Keep an eye on trading volume as Bitcoin approaches $85,000.Strong buying volume is essential to confirm a breakout.
• Candlestick Patterns: Look for bullish candlestick patterns, such as bullish engulfing patterns or morning stars, as potential indicators of a trend reversal.
• News and Events: Monitor news and events that could impact Bitcoin's price, such as regulatory announcements or macroeconomic data releases.

5. Bitcoin heads into the end of February in an uncertain mood; can bulls avoid a fresh $90,000 dip? Bitcoin remains stuck in a narrow range, data from Cointelegraph Markets Pro and TradingViewMacroeconomic Factors and Alternative Investments

Bitcoin doesn't exist in a vacuum.Macroeconomic factors and the performance of alternative investments can significantly influence its price action.

Here are some key macroeconomic factors to watch:

• Inflation: Rising inflation can lead investors to seek alternative assets like Bitcoin as a hedge against currency devaluation.
• Interest Rates: Interest rate hikes by central banks can negatively impact Bitcoin as investors shift towards safer, yield-bearing assets.
• Geopolitical Uncertainty: Geopolitical tensions and economic instability can drive investors towards Bitcoin as a safe-haven asset.

Furthermore, the performance of alternative investments like gold can provide valuable insights into overall market sentiment.

According to reports, gold looks set to hit another all-time high, suggesting that investors are seeking safe-haven assets amid market uncertainty.This trend could also benefit Bitcoin, as it is increasingly viewed as a digital store of value.

Also, it's interesting to note that Trump has called on the Treasury and Commerce Departments to explore Bitcoin accumulation for a U.S. Related: $90K bull market support retest? 5 things to know in Bitcoin this week Bitcoin to close below $95,000? Bitcoin registered a flash crash of 11.30% from $102,000 to $91,100 during the firstDigital Asset Reserve.

Keeping an eye on these macroeconomic factors and the performance of alternative investments can help you gain a broader perspective on the Bitcoin market and make more informed investment decisions.

Bonus: Bitcoin Volatility and Implied Volatility

Bitcoin is known for its price volatility, and recent data reveals an interesting trend: Bitcoin implied volatility has fallen to a rare all-time low. Bitcoin traders worry over a return to BTC price range lows as market inertia keeps bears in control into the monthly close. source:But what does this mean?

Implied volatility measures the market's expectation of future price fluctuations.A low implied volatility suggests that traders are anticipating less price movement in the near term.

However, it's important to remember that low volatility periods are often followed by periods of high volatility. Bybit CEO Says Crypto Exchange Is Solvent, All User Assets Backed 1:1 Following Largest Heist of All TimeThis is because suppressed volatility can create pent-up energy that eventually erupts in a significant price swing.

What does low implied volatility mean for traders?

• Potential Opportunity: Some traders view low volatility periods as opportunities to buy options or futures contracts at relatively low prices, anticipating a future volatility spike.
• Increased Risk: Low volatility can also lull traders into a false sense of security, leading them to take on excessive risk.

Be cautious and manage your risk accordingly, even during periods of low volatility.

Conclusion: Navigating the Uncertainty

Bitcoin heads into the end of February in an uncertain mood, and the potential for a $90,000 support retest is a real concern.Several factors are contributing to this uncertainty, including market sentiment, network activity, the aftermath of the Bybit hack, and broader macroeconomic conditions. Crypto Veteran Samson Mow Slams Ethereum, Calls for Chain Rollback After Hackers Loot $1,400,000,000 From BybitWhile analysts are divided on the market’s direction, key takeaways from this week's Bitcoin analysis are:

• $90,000 is a critical support level to watch.
• Market sentiment is negative, and network activity is dropping.
• The Bybit hack could continue to create ripples.
• Breaking above $85,000 is crucial for a bullish reversal.
• Macroeconomic factors and alternative investments play a significant role.

By staying informed, monitoring these key indicators, and managing your risk effectively, you can navigate the uncertainties of the Bitcoin market and position yourself for potential opportunities. Bitcoin (BTC) launches into a new week inches from fresh all-time highs after sealing its best-ever weekly close. Bitcoin traders see price discovery returning in the coming week while eyeingRemember, volatility is inherent in the crypto market, and understanding the underlying factors driving price movements is essential for long-term success.

So, what are your thoughts?Do you think Bitcoin will retest $90,000? Not only did BTCUSD seal its highest-ever weekly close for a second consecutive time at just under $90,000, but a major BTC price correction to test new support remained off the cards. Data from monitoring resource CoinGlass puts Bitcoin s weekly gains at 11.8%, with Q4 returns passing 40%.Or will the bulls find a way to push higher?Share your predictions in the comments below!And don't forget to subscribe for more in-depth analysis and updates on the ever-evolving world of cryptocurrency.