Bitcoin Price Analysis — February 28

Bitcoin Price Analysis — February 28

Following a bullish performance on Saturday, Bitcoin (BTC) has dropped sharply below the $44k level. The recent BTC decline dragged the altcoin industry along, causing the entire cryptocurrency market valuation to fall by $120 in a few hours. However, Bitcoin has rebounded to the $45k level at press time.

That said, Bitcoin’s market valuation continues to slide, with the benchmark cryptocurrency losing more than $200 million over the past week.

Meanwhile, CryptoQuant, a cryptocurrency analytics firm, recently reported that the crash in Bitcoin price could be because of profit-taking by miners following the several-month-long bull run. The analytics company tracked significant outflows of funds from their wallets into exchanges just before the slump from $58,000 to $45,000 and from the recent $50,000 slump to $45,000.

In other news, the altcoin market recorded an even worse dip. Ethereum (ETH) fell by a whopping 10% and dropped below the $1,350 level. For better understanding, the price of Ethereum peaked at $2,050 just eight days ago.

Cardano (ADA), which has performed exceptionally well before now, fell by more than 12% to $1.2. Meanwhile, Polkadot (DOT), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) all posted significant declines as well at (-9%), (-6.5%), (-10%), and (-9%), respectively.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 28

Bitcoin is having a hard time regaining any bullish momentum, as bears appear to be in the driver’s seat of late. The cryptocurrency failed to capitalize on its goodish rebound from the $44k area yesterday and got promptly sent to below the $44k line earlier today.

That said, a bearish trendline has emerged and suggests that more declines could follow in the coming hours or days. Bitcoin has to regain stability above the $48,500 pivot zone to negate the current bearish bias.

Meanwhile, our key resistance levels are at $46,000, $47,500, and $48,500. While our key support levels are at $44,000, $43,000, and $42,000.

Total Market Capitalization: $1.35 trillion

Bitcoin Market Capitalization: $832 billion

Bitcoin Dominance: 61.6%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.