Bitcoin plunged below the $80,000 mark on February 28, 2025, sending shockwaves through the crypto market. The price tanked to a low of $79,525.88 during early Asian trading hours, a stunning 25% drop from its January peak above $109,000. Crypto bros everywhere are sweating. The digital gold is currently trading at $79,616 with a nasty 5.9% intraday pullback.
Bitcoin’s plunge below $80,000 has crypto bros sweating as digital gold takes a nasty 25% nosedive from January highs.
The carnage didn’t stop with Bitcoin. A staggering $850 million got liquidated in just 24 hours, with long positions making up 83% of the bloodbath. That’s a lot of leveraged traders getting their dreams crushed. Bitcoin ETFs weren’t spared either, recording $275.83 million in outflows on February 27. The total crypto market cap? Down by $1 trillion. Ouch.
Technical indicators aren’t painting a pretty picture. Bitcoin smashed through the vital $80,000 support level while its RSI dropped from 70 to 60, moving into neutral territory. The MACD showed a bearish crossover at 11:00 AM UTC. Not great, folks. Analysts are now eyeing the $70,000-$75,000 range as the next potential landing zone, with $69,000 identified as a significant demand level.
Trading volume exploded amid the panic, with Bitcoin volume surging 15% to $55 billion. People sure love buying—and selling—during chaos. On-chain metrics show an 8% increase in active addresses, suggesting some bargain hunters may be stepping in. Still, the percentage of Bitcoin supply in profit has shrunk to 75%. With widespread negative sentiment affecting investor behavior, this could signal an extended bear market is forming. The current decline marks a continued sell-off in the cryptocurrency sector, coinciding with increased market volatility. The recent Bybit exchange hack of $1.5 billion has further contributed to market turbulence and declining investor confidence.
Global factors aren’t helping. Trump’s trade policies, global economic slowdown fears, and ongoing conflicts in Ukraine and Gaza are pushing investors toward safe havens like US Treasuries. The tech sector slowdown isn’t doing crypto any favors either.
What’s next? The market might consolidate between $75,000 and $100,000, but remains vulnerable to macroeconomic curveballs and regulatory surprises. The much-hyped Acceleration Phase could be ending sooner than expected. Hold onto your hats—this roller coaster isn’t over.
