Bitcoin broke the $ 89,000 level

Bitcoin BTC $88,053.82 Bitcoin -7.86% Market capitalization $1.75 trillion VOL. 24 hours $5.52 billion has fallen to its lowest level since the beginning of the year, having tested the $ 91,000 support level on the night of February 25. Currently, it is trading at $ 88,800, having lost 7.5% of its value overnight.

The correction in the digital gold market has led to a decline in altcoin prices. Ethereum ETH $2,394.46 Bridged Ether (StarkGate) -10.42% Market capitalization $0.21 billion VOL. 24 hours $3.32 billion fell below $ 2500, and Solana SOL $136.87 Solana -12.67% Market capitalization $67.79 billion VOL. 24 hours $1.82 billion dropped below $ 140. Total losses in the top 10 cryptocurrencies (excluding bitcoin) range from 5.4% to 12.4%.

The volume of liquidations in the market exceeded $ 880 million per day, which indicates significant instability. The Fear and Greed Index fell from 49 to 25 points, entering the «extreme alarm» zone. The last time such values were recorded was in September 2023, before bitcoin’s value jumped by more than 100%.

Analysts note that in February, bitcoin fell by 10.6%, which is the largest monthly drop since 2014 (when it reached -31%). At the same time, on average, this month has historically brought a 12.2% increase (based on median values).

Rekt Capital trader emphasizes the need for bitcoin to return to $ 96,700 by the end of February, which will confirm the breakout of the bull flag and create conditions for further growth. At the same time, CryptoQuant analysts suggest that the cryptocurrency may enter a new phase of the bear market.