Mike Smith
Feb 26
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On February 25, Bitcoin hit a 3-month low, falling to $86,000. Despite the negative dynamics, large holders continue to transfer assets from exchanges to cold wallets. Over the past 24 hours, 26,430 BTC worth about $2.3 billion were withdrawn. CryptoQuant analysts suggest that most of these transactions are related to OTC deals and long-term investments.
Bitcoin's decline in recent months has been the most significant since August 2024. The price decline has already reached 20%, which is twice the average annual rollback of 8.9%. At the same time, short-term investors who held the asset for less than 155 days sold 27,500 BTC at a loss over the past 24 hours.
Amid the sell-off, institutional players continue to increase their positions. Strategy's recent 20,356 BTC deal worth $1.99 billion confirms the interest of major market participants.
Technical analysis signals a possible test of the $81,000–$85,000 levels. On February 24, the Bitcoin price settled below $92,000, which confirmed the formation of a "double top" pattern. Its development suggests a decline in the asset to $78,000–$76,000, which corresponds to a 16% correction from the breakout level. In the range of $81,700–$85,100, the gap from November 2024 remains, which Bitcoin can close.
Trader CRG noted significant buy orders within $84,000–$86,000, which can support a local rebound. However, if the price drops below $81,000, the key support will shift to the $77,000–$80,000 zone. Reaching $77,000 will complete the double top.
