Bitcoin’s price dipped below $80,000 today, leading to $685 million in realized losses as recent buyers face mounting pressure. Over the past three days, losses have surpassed $2.16 billion, highlighting increased market volatility.
After touching a low of $78,000, Bitcoin briefly rebounded from the $78,940 support level. However, with a 17.3% decline in the past week and a nearly 19.9% drop over the last month, market uncertainty remains high.
Bitcoin Investors Face Heavy Losses
Data from Glassnode reveals that Bitcoin holders who entered the market within the past week suffered the highest losses, totaling $238.8 million. Those who bought BTC between one week and a month ago lost $187.6 million, while the one to three-month cohort faced $132.4 million in realized losses.
Since February 28 began, Bitcoin has been realizing losses at a rate of $57.1 million per hour, with the one-day to one-week holders leading liquidations at $19.9 million per hour.
Also Read: How High Must Dogecoin Go for Retirement with 50,000 DOGE?
Crypto Whales Move 40K BTC Amid Uncertainty
Meanwhile, crypto whales have offloaded 40,000 BTC over the past four days, reducing their total holdings from 4.53 million BTC to 4.49 million BTC. This significant movement raises speculation of further downside potential.
Market analysts suggest Bitcoin could enter a consolidation phase, with some projections indicating a dip toward $75,000 before stabilizing. CryptoQuant’s Ki Young Ju notes that this pattern resembles early 2024 when Bitcoin traded within a defined range before its next breakout.
Also Read: Ethereum Whale Offloads 14K ETH, Secures $29M Profit
Bitcoin’s Market Cycle Signals a Key Turning Point
According to analyst CryptoCon, Bitcoin’s current cycle mirrors the 2015-2018 market trend. Based on Fibonacci Halving models, BTC may be about a month away from reaching its first cycle peak.
Historically, February has been a strong month for Bitcoin, even during bear markets. However, this year’s price action has been weaker than usual, fueling speculation about whether the cycle is taking a unique turn.
⚠ Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should conduct their research before making any financial decisions.
