According to analyst Ted Pillows, if Bitcoin had managed to stay above $67,000, there was the possibility of a rally to $72,000.
- The overall cryptocurrency market fell nearly 2% in the last 24 hours, below the $2.4 trillion mark.
- Ethereum’s price was unable to keep above the $2,000 mark, leading losses among crypto majors.
- CoinGlass data crypto liquidations jumped to nearly $260 million in the last 24 hours, with most of the forced unwinds coming from long positions.
Bitcoin (BTC) dropped below $67,000 on Friday morning, with the apex cryptocurrency poised to close February in the red and on track for an unusual back-to-back monthly decline following January losses.
Bitcoin (BTC) dropped below $67,000 on Friday morning, with the apex cryptocurrency poised to close February in the red and on track for an unusual back-to-back monthly decline following January losses.
Bitcoin’s price fell 2.3% in the last 24 hours to around $66,800 after the cryptocurrency had climbed back to over $68,000 earlier in the day. On Stocktwits, retail sentiment around the cryptocurrency came down to ‘neutral’ from the ‘bullish’ zone over the past day.
According to analyst Ted Pilows, Bitcoin just lost critical support. According to his post on X, if Bitcoin's price had remained above $67,000, then BTC could have rallied to over $72,000.
Why Is Crypto Falling?
The overall cryptocurrency market slipped back below the $2.4 trillion mark to around $2.38 trillion, down 1.9% in the last 24 hours. CoinGlass data showed nearly $260 million in liquidations in the last 24 hours, with most of the forced unwinds coming from long positions being wiped out.
The drawdown comes ahead of the wholesale inflation reading, scheduled for later in the day. The broader stock market also edged lower in pre-market trade, with the SPDR Down Jones Industrial Average ETF (DIA) down 0.5%, with the SPDR S&P 500 ETF Trust (SPY) and the tech-heavy Invesco QQQ Trust Series 1 (QQQ) each edging 0.3% lower.
Geopolitical tensions were also heightened on Friday morning with China announcing full support for Iran over fear of a possible U.S. military strike. This comes after the U.S. and Tehran ended a third round of talks, with Oman’s mediator saying “significant progress” was made.
Ethereum Price Falls Below $2,000
Ethereum (ETH) and Ripple’s XRP (XRP) led losses, down more than 3% each. Ethereum’s price 3.8% in the last 24 hours to around $1,992. On Stocktwits, retail sentiment around the leading altcoin remained in ‘bearish’ territory over the past day. XRP’s price dropped 3.3% in the last 24 hours to around $1.40, with retail sentiment also trending in the ‘bearish’ zone over the past day.
Dogecoin (DOGE) dropped more than 3% in the last 24 hours, Solana (SOL) fell 2.8%, and Cardano (ADA) was down 2.3%. Tron (TRX) and Binance Coin (BNB) outperformed Bitcoin, but still saw losses of 0.5% and 1.2%, respectively.
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