Bitcoin may see a brief correction of $ 72,000 support as the imminent market recovery is still limited due to the lack of encrypted investor morale, which has decreased to the lowest unprecedented levels since 2022.
The price of Bitcoin (BTC) was the lowest level for more than three months of $ 78.197 on February 28, as more than 28 % decreased from a record level of more than $ 109,000 reached on January 20.
Bitcoin may suffer from a deeper decline in “70,000 dollar low range as a market replacement”, according to Iliya Kalchev, Dispatch analyst in Digital Asset Investment Platform Nexo.
BTC/USD, one -day graph. Source: Tradingvief/CointeleGRAPH
However, “a large decrease less than 75,000 dollars seems less likely,” said Cointelegraph, adding:
“Although there may be a temporary decline as the market fills the remaining gaps during rapid climbing, Bitcoin is likely to create steady support in a range ranging from $ 72,000 to $ 80,000.”
He said: “This support can provide a basis for a more sustainable restoration, which reduces the possibility of a deeper decline.”
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Other analysts also expected the Bitcoin bottom near $ 70,000 in early 2025 before the next stage of the assembly.
Based on its association with the global liquidity index, the right side of Bitcoin (RHS), which represents the lowest price for the offer that someone wants to sell the currency, may decrease, to less than $ 70,000 at the end of February after its peak near $ 110,000 in January.
source: Raul Pal
The first warning came from correction to $ 70,000 from Raoul Pal, founder and CEO of Global Macro Investor, in November, when Bitcoin also expected to reach a “local summit” exceeding $ 110,000 in January, before the current correction.
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Low the morale of the encryption investor to 2022 low
While analysts expect Bitcoin to find its bottom and the start of recovery in the coming weeks, the encryption market remains limited due to the lack of confidence in the investor.
Fear of encryption and greed index Which measures the morale of the total encryption market-it decreased to the lowest approximate level for three years, and the last time in July 2022, substitute Data appears.
source: substitute
The last time the investor's morale decreased to similar levels a month after bitcoin decreased to 17,500 dollars, and witnessed a monthly decrease of more than 37 % in June 2022.
BTC/USD, one month scheme. source: Tradingvief
Bitfinex analysts told Cointelegraph, adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding: adding:
“In general, the combination of low bitcoin prices, organizational uncertainty, security violations, and ALTCOIN's decrease in fear of the encryption market.”
“Although it is not composed of the index, we also see new levels in long qualifiers through many flows such as on the third of February and Al -Sai from 24 to 7 February,” the analysts added.
Meanwhile, the broader encryption market is still recovering from a $ 1.4 billion bybit penetration, which occurred on February 21, which represents the largest penetration in the date of encryption.
In a positive reference to the encryption industry, bybit continued to honor customer withdrawals and fully replaced $ 1.4 billion in the ether by February 24, just three days after the attack.
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