Crypto Market Update: , Hold Firm – Latest Prices, News & Analysis

The crypto market saw a mixed day with leading the decline while major altcoins like and showed strength. Bitcoin’s price dropped sharply, but the overall market cap bounced back slightly. This covers the latest prices, key news, and what to watch next.

Bitcoin Price Plunge: What Happened?

Bitcoin experienced a quick drop of over $1,500 in minutes during the US trading session. It fell from highs near $69,200 to close around $67,500. This dip tracked weakness in high-growth US tech stocks, driven by broader risk-off mood rather than crypto-specific problems.

Trading volume for BTC stayed steady at about $35 billion, showing normal trader activity. The price had been in a tight range before the sudden sell-off. Bitcoin’s fall made up over 80% of the total market drop, down 0.78% in 24 hours.

This move triggered $67 million in liquidations, with 74% from long positions. A break below the $65,000 support could spark more selling and liquidations.

Altcoins Shine Amid Bitcoin Weakness

While Bitcoin slipped, top altcoins held strong:

• Ethereum: Consolidating below $2,000 resistance, showing stability.
• XRP: Holding steady at $1.45.
• Solana: Near $85.
• BNB: Above $615.
• Dogecoin: Above $0.10.

These coins stayed in tight ranges, proving resilience. The total crypto market cap briefly topped $2.3 trillion, though trading volume dipped from $98 billion to $84 billion.

Market Sentiment Turns Extremely Negative

Santiment data reveals trader sentiment at its lowest in years. Words like ‘angry’, ‘frustrated’, and ‘offended’ hit peaks not seen since major political events. Despite some market recovery, fear dominates.

Extreme negative sentiment often marks buying chances for contrarian investors. When everyone is fearful, smart money steps in.

Bitcoin ETFs See Continued Outflows

Spot Bitcoin ETFs faced four straight weeks of outflows, with $133 million leaving last week. On-chain data shows weaker accumulation than past rallies, like the November bounce.

Institutional buying has slowed. A shift to positive ETF flows could signal renewed confidence and push prices higher.

Key Levels and Upcoming Catalysts

Bitcoin must defend $65,000-$67,000 support. Resistance is at the 7-day SMA near $70,000. Watch for:

• Bulls pushing to $70,000.
• Bears testing $65,000.
• US PCE inflation data on February 28 – a big macro event.

Holding support avoids deeper drops. Breaking $70,000 flips the short-term trend bullish.

What’s Next for the Crypto Market?

The dip stems from Bitcoin weakness, boosted by liquidations but offset by some inflows. The market seeks a base amid fear. Key question: Can spot demand hold $65,000, or will we retest lows?

Expect higher volatility this week. Bulls aim high, bears push low. Altcoins’ stability could draw rotation if Bitcoin struggles.

Price Snapshot: Top Cryptos Today

Tips for Traders in This Market

1. Watch Support Levels: $65,000 for BTC is critical.
2. Monitor Sentiment: Extreme fear can mean bottoms.
3. Track ETFs: Flow reversals signal big moves.
4. Stay Informed: PCE data could swing markets.
5. Diversify: Altcoins like ETH and XRP offer stability now.

This shows a market at a crossroads. Bitcoin’s dip tests resolve, but altcoin strength offers hope. Stay tuned for more updates on prices and news.

Keywords: , , , crypto market cap, BTC liquidations, ETF flows.

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