On February 24, the price of Bitcoin (BTC) fell below $63,000, hitting an intraday low of $62,694. At press time, the overall relative strength index (RSI) was at 43.21, reading oversold, similar to the Mt Gox and COVID-19 crises. Chairman and CEO of JPMorgan Chase & Co., Jamie Dimon, noted parallels in the current market conditions and the 2008 crisis.
The fear-and-greed index has now clocked 11/100, depicting extreme fear, with 24h liquidations mounting to $342.76 million. Open interest (OI) sits at $43.64 billion, a significant decline from the $217 billion recorded just before the October 10 flash crash.
In the week ending February 20, CoinShares reported that digital asset products had entered their fifth week of consecutive outflows, amounting to $4 billion. On Monday alone, spot Bitcoin ETFs accounted for over $200 million worth of outflows, further contributing to the downward trend in crypto prices.
Source: CoinShares
Tensions between the US and Iran have driven recent global market volatility, with both sides considering launching the offensive following failed talks regarding Iran’s nuclear disarmament.
Samer Hasn, a senior market analyst at XS.com, says there is potential for a fall to $53-$55K, due to unwavering selling pressure. Matt Howells-Barby of Kraken echoed this view, adding, “The $60k level is a key support level that the bulls are watching closely.”
Software company Strategy now sits on $9 billion in unrealized losses from its BTC holdings. Despite previously affirming the crypto winter, Executive Chairman Michael Saylor sees this as a buying opportunity, saying, “Bitcoin is on sale.”
Supporting his theory is data from Glassnode, which shows accumulations of over 400,000 BTC at prices ranging between $60,000-70,000. This, in addition to increased mining difficulty, suggests a “buy the dip” trend upcoming as sales near exhaustion.
At writing time, BTC was trading at $64,110 following an hourly recovery of 0.08%.
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