Bitcoin has fallen under $80,000 for the first time since November amid mounting macroeconomic uncertainty over US President Donald Trump’s proposed tariffs.

On Feb. 27, Bitcoin (BTC) plummeted to $79,752, according to TradingView data. The price 2.65% decline over the past hour led to $100.01 million in long positions liquidated, per CoinGlass data.

Bitcoin last traded at this level on Nov. 11, just days after Trump was elected US president, amid optimism that his pro-crypto policies would lead a Bitcoin rally in 2025.

Over the past couple of days, most crypto traders eyed $82,000 as a potential bottom for Bitcoin, but many are now bracing for a move toward $70,000.

$70,000 is now a possibility, say traders

Crypto trader dmac said in a Feb. 27 X post, “Dip buyers are getting smoked. I still see $70k as the target.” Bitcoin hasn’t traded at the $70,000 price level since Nov. 5, after election polling results looked favorable for Trump.

“If you liked $80k Bitcoin, then you’re gonna love $70k Bitcoin,” pseudonymous crypto trader Mandrik added.

Meanwhile, pseudonymous crypto trader Rager isn’t so concerned. They told their 201,500 X followers it “wouldn’t be abnormal to drop to mid to low $70ks.”

“Pretty normal in prior cycles, even during bull markets, for Bitcoin to drop -30% to -40%,” Rager said.

Meanwhile, data from crypto predictions platform Polymarket shows the community is split on whether Bitcoin will rebound or drop toward $70,000.

“Nearly 50/50 chance it continues its plummet & falls below $70k,” Polymarket said in a Feb. 27 X post.

Related: Bitcoin analyst eyes ‘near term floor’ as crypto fear hits redline

Many observers point to macroeconomic uncertainty and concerns over US President Donald Trump’s proposed tariffs as key reasons for Bitcoin’s and the broader crypto market’s decline.

Since Trump’s inauguration on Jan. 20, when Bitcoin hit an all-time high of $109,000, the asset has dropped nearly 26%.

Despite the recent volatility over recent days, institutions still remain bullish on Bitcoin.

On Feb. 27, Standard Chartered’s head of digital assets research, Geoffrey Kendrick, said he expects Bitcoin’s price to reach $200,000 this year before surging to $500,000 before President Trump concludes his second term.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment “that a prudent investor exercising reasonable care, skill, and caution would acquire.” The bill also read:

“Bitcoin and other cryptocurrencies can serve as a hedge against inflation and economic volatility, and the establishment of a strategic bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state.”

Several US states have pending Bitcoin (BTC) strategic reserve bills, including Oklahoma, Arizona and Utah, to diversify state financial reserves and hedge against rising US dollar inflation.

Related: Oklahoma BTC reserve bill passes House Committee; other states reject

Texas Bitcoin strategic reserve bill gets overhaul

The Texas strategic Bitcoin reserve legislation was introduced by State Senator Charles Schwertner in January 2025 as a Bitcoin-only bill that omitted the acquisition of other digital assets.

However, in February 2025, the bill was refiled to include other digital assets following US President Donald Trump’s Jan. 23 executive order directing a commission to study the feasibility of a “digital asset stockpile.”

Nexo analyst Iliya Kalchev told Cointelegraph that the Feb. 18 public hearing for SB-21 was symbolic and was not a major BTC adoption or price catalyst.

Kalchev added that unless specific policies were enacted — like the state of Texas actively acquiring BTC as part of its portfolio — the markets would have a lukewarm response to the news.

Pierre Rochard, a Bitcoin advocate and vice president of research at mining company Riot Platforms, testified at the hearing for SB-21, arguing for a BTC strategic reserve.

The executive said that while Texas currently has a flourishing economy, it must be prepared for future economic downturns and fiscal uncertainty.

“Public trust and financial institutions have eroded due to a lack of transparency, but Bitcoin is a unique asset because it is fully auditable,” the executive added.

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At the peak of the correction, BTC (BTC) briefly traded at $82,256 before finding buyers but data suggests that further downside could occur before the market stabilizes. 

Independent market analyst Scott Melker posted the following chart and said, 

“Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear “elbow up” on the next candle to confirm. Noting here yet.” 

As Bitcoin charts new lows and risks falling back into the $70,000 zone, the Crypto Fear & Greed Index slipped to a one-year low at 21, a zone that is described as ‘extreme fear.’

Related: Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?

Data from Velo shows Bitcoin having its worst 3-day stint since 2022, and the analytics resource also highlighted the sharp billion-dollar outflows from the spot BTC ETFs. 

Beyond the weakness in the crypto market, which has been present for nearly a week, US equities markets also sold off, with the S&P 500 dropping after US President Donald Trump vowed to implement 25% tariffs against the EU.

In addition to the tariff threat, the Trump administration has also sent a memo to federal agencies that instructs them on how to carry out mass layoffs. 

While Bitcoin’s record-size liquidations over the past three days may have unveiled a “generational buying opportunity,” analysts are not yet ready to conclude that the worst part of the selling is over.

Current estimates vary among traders, but there are growing calls for a Bitcoin price bottom in the $80,000 to $71,000 price range. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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“I predict a peak MVRV this cycle around 3.2, meaning we have another bullish year in 2025 ahead before we reach the pico top this cycle,” Assure DeFi CEO and crypto analyst Chapo said in a Feb. 26 X post.

The last time Bitcoin’s MVRV reached this level was in April 2021, when Bitcoin tapped $58,253 — representing approximately a 101% gain from its $28,994 price at the start of 2021.

The MVRV will “spike vertically” at market top

“We aren’t there yet,” Chapo said. The MVRV signals whether Bitcoin (BTC) is overvalued or undervalued based on the ratio between its market capitalization and realized capitalization.

At the time of publication, Bitcoin’s MVRV is 1.95, as per Bitbo data, while Bitcoin is trading at $84,416, as per CoinMarketCap data.

Bitcoin dropped below $90,000 on Feb. 25, a day after US President Donald Trump announced his planned 25% tariffs on Canada and Mexico “are going forward on time, on schedule.” 

Chapo said that historically, the MVRV spikes significantly when Bitcoin’s price approaches its cycle peak.

“If history tells us anything, it’s that MVRV will spike vertically during a market top and reach a point at which profit-taking exceeds new buying interest, and the risk/reward for new entrants is no longer there,” he said.

An increasing MVRV signals a potential rise in Bitcoin profit-takers

When Bitcoin hit its all-time high of $109,000 on Jan. 20, just before Trump’s inauguration as US President, the MVRV spiked to 2.44. 

Similarly, when Bitcoin reached its previous all-time high of $73,679 in March, the MVRV was 2.67.

As the MVRV rises, it suggests that more Bitcoin holders are in profit and are likely to cash in some of their gains. Chapo said when profit-takers sell to new buyers, the cost basis decreases, leading to a decline in the MVRV. 

Related: Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?

For example, when Bitcoin fell to $53,949 on Sept. 7, 2024, the MVRV fell to 1.71.

“This is healthy, as new buyers aren’t expected to sell until they too are in profit, which requires a higher price,” Chapo said.

However, CryptoQuant head of research Julio Moreno said that the MVRV indicator indicates Bitcoin could experience further downside before it resumes its upward trend.

“All valuation metrics are in correction territory. It can take more time. For example, MVRV is below its 365-day moving average. This is a simple, yet powerful, indicator,” Moreno said in a Feb. 26 X post.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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On Feb. 26, the Crypto Fear & Greed Index slipped deeper into “Extreme Fear,” reaching a score of 10.

Bitcoin falls under $85,000

That’s its lowest level since June 2022, when crypto hedge fund Three Arrows Capital (3AC) started to see its downfall — and just a month after the collapse of Terraform Labs’ Terra (LUNC) and TerraClassicUSD (USTC) tokens, along with crypto lender Celsius pausing all user withdrawals just weeks after its native token Celsius (CEL) dropped 90%.

While there were no major crypto collapses ahead of the sentiment plunge on Feb. 26, many observers have blamed heightened macroeconomic uncertainty.

The sentiment indicator first entered the “Extreme Greed” territory the day prior, on Feb. 25. That’s when Bitcoin (BTC) dropped below $90,000 for the first time since November, after US President Donald Trump said a day earlier that his planned 25% tariffs on Canada and Mexico “are going forward on time, on schedule.” More recently, Trump said during a Feb. 26 cabinet meeting that he will also be imposing a 25% tariff on the European Union.

At the time of publication, Bitcoin is down 17.32% over the past 30 days, trading at $84,408, according to CoinMarketCap data.

It bears a resemblance to June 19, 2022, when the index dropped to 6 as Bitcoin tumbled to $19,000, having lost 37% over 30 days.

Related: Bitcoin price enters generational buying territory — Should traders expect more downside?

At the time, the downfall was largely attributed to the collapse of the TerraUSD stablecoin, which lost its peg to the US dollar (USD) on May 9, 2022. Panic selling wiped out a combined $60 billion from the crypto ecosystem.

The impact rippled through the entire crypto industry. 3AC faced insolvency fears on June 16 after it failed to meet margin calls from its lenders. 3AC was ordered into liquidation on June 27. On July 13, Celsius entered into bankruptcy proceedings.

Analysts weigh in on fearful crypto sentiment

Collective Shift founder Ben Simpson told Cointelegraph that the current market conditions could present a buying opportunity for crypto investors.

“The Simple strategy over the past few years has been to buy during extreme fear and sell during Greed,” Simpson said.

“If you’ve done that, you’ve really outperformed the market and probably outperformed most traders,” Simpson said.

He explained that the crypto market’s negative sentiment comes from high expectations following Donald Trump’s inauguration not being met:

“There is not much to be hopeful or excited about at the moment. Everyone had put a lot of confidence in Donald Trump to push his crypto angle, but at the moment, he is busy doing other things.”

Echoing a similar sentiment, Swyftx lead analyst Pav Hundal told Cointelegraph that “it is an unforgiving environment right now, and it’s draining confidence.

”The next few weeks could be rocky, but global liquidity levels have been rising week-on-week, and historically, that is a leading indicator for Bitcoin. March is shaping up to be an important month,” Hundal said.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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BlackRock’s spot Bitcoin (BTC) ETF (IBIT) shed 5,000 BTC on Feb. 26, its largest outflow to date, eclipsing the $332 million it lost on Jan. 2. 

The massive outflow follows a record day of bleeding from the products on Feb. 24, when more than $1.1 billion exited on aggregate. It also culminates in a seven trading day outflow streak that has seen almost $3 billion exiting the products. 

The BlackRock outflow brings the day’s total outflow to $756 million, according to preliminary figures from CoinGlass. However, ETF Store President Nate Geraci said he thinks it is a “shorter-term blip.”

The Fidelity Wise Origin Bitcoin Fund (FBTC) also saw a seven-day outflow streak, with a further $145.7 million exiting the product on Feb. 26.

Bitwise, Ark 21Shares, Invesco, Franklin, WisdomTree and Grayscale all saw outflows ranging between $10 million and $60 million.

Crypto markets have extended losses, with total capitalization falling a further 5.6% on the day to $2.9 trillion and Bitcoin dumping to a low of $82,455 on Feb. 26. 

The market correction now stands at 25%, with $1 trillion exiting the space since its all-time high on Dec. 17.

However, CryptoQuant founder and CEO Ki Young Ju said it would be a “noob” mistake to “panic sell,” and a 30% correction in a Bitcoin bull cycle is common as “it dropped 53% in 2021 and still recovered to an ATH,” he said. 

“Buying when prices rise and selling when they fall is the worst investment strategy,” he said on X. 

Related: US spot Bitcoin ETFs see largest-ever daily outflow of $938M

Analysts and industry experts such as BitMEX co-founder Arthur Hayes and 10x Research head of research Markus Thielen said that the majority of Bitcoin ETF investors are hedge funds seeking arbitrage yields, not long-term BTC investors, and they are now unwinding their positions as these yield opportunities dry up.

Hayes predicted on Feb. 24 that BTC would dump to $70,000 on the continued outflow from spot ETFs. Traders have also targeted the $74,000 zone as US President Donald Trump threatened more trade tariffs. 

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Bitcoin mining company Core Scientific unveiled plans for a $1.2 billion data center expansion in partnership with artificial intelligence startup CoreWeave. The announcement followed the company’s fourth-quarter 2024 earnings report, which showed a net loss of $265 million.

On Feb. 26, the Bitcoin (BTC) mining company published its fourth quarter and full-year results for 2024. It reported a net loss of $265.5 million in Q4, largely attributed to a $224.7 million “non-cash mark-to-market adjustment to warrants and other contingent value right liabilities.”

The company said the adjustment was necessary due to a significant year-over-year increase in its stock price, requiring it to update the accounting of financial obligations. Core Scientific emphasized that the loss did not represent actual cash outflows.

Alongside its earnings report, the company announced a data center expansion in Texas in collaboration with CoreWeave. The company expects the project to generate $1.2 billion in contracted revenue as it positions itself as a provider of application-specific data centers for high-performance computing (HPC) workloads. 

Core Scientific may see $10 billion revenue with CoreWeave

Core Scientific said it’s positioned to capitalize on the growing demand for energy-dense and application-specific data centers. While its new agreement anticipates $1.2 billion, the company said it could generate over $10 billion in potential cumulative revenue with CoreWeave. 

Core Scientific CEO Adam Sullivan said the company is thrilled to deepen its relationship with CoreWeave. He said: 

“We are thrilled to deepen our relationship with CoreWeave as we continue developing large-scale HPC projects that power advanced AI and other low-latency workloads.”

The company said that by expanding its capacity in Denton, Texas, they are building “one of the largest GPU supercomputers in North America.” 

Google Finance data shows that the crypto mining company’s stock price rose by 12.29% from $10 to $11.25 during after-hours trading following its data center announcement. 

Related: Core Scientific to host more CoreWeave infrastructure, targets $8.7B revenue

Bitcoin miners expand into AI hosting

Core Scientific’s move highlights how mining companies are capitalizing on opportunities in AI hosting. According to fund manager VanEck, as of last August, Hive Digital, Hut 8 and Iris Energy were among those that had already converted part of their businesses to HPC and AI. 

On Oct. 4, Bitcoin mining firm TeraWulf sold its stake in a Bitcoin mining facility for $92 million, saying that the proceeds would go toward hosting AI and building HPC data centers. 

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In fresh X analysis on Feb. 27, trader and analyst Rekt Capital flagged an incoming “gap” in CME Group’s Bitcoin futures markets.

Battle of the Bitcoin futures gaps begins

Bitcoin (BTC) hit new multimonth lows around $82,160 into the Feb. 26 daily close, data from Cointelegraph Markets Pro and TradingView confirmed, and subsequently rebounded by about 5%.

Despite this, fears remain over where the market may put in its next local bottom, thanks to a broad liquidity wipeout and lack of buyer conviction.

The latest data from monitoring resource CoinGlass shows dispersed bid liquidity around $80,000, which pales in comparison to the wall of asks up to $90,000.

For Rekt Capital, however, there are two easy targets on the horizon.

Bitcoin has created a sizeable CME gap both to the upside and downside and if history is a guide, price should eventually “fill” both levels.

“Bitcoin is getting closer to filling the CME Gap that created between $78000 and ~$80700 in November 2024,” the analysis reported.

“On this retrace however, Bitcoin has developed a brand new CME Gap between ~$92700 and ~$94000.”

Rekt Capital noted that the upside gap matches the lows of what was until this week a three-month-long trading range.

“This offers some confluence to the idea of price revisiting $93500 at some point in the future as part of a post-breakdown relief rally,” he concluded, referencing another target from the day prior.

“Especially since Bitcoin has filled almost every CME Gap that formed since mid-March 2024 thus far.”

Bitcoin reaches multiple “potential reversal points”

Some markers are already calling for an enduring reversal to take place.

Related: Bitcoin enters ‘technical bear market’ as BTC price drops 20% from all-time high

The Crypto Fear & Greed Index hit multi-year lows of just 10/100 this week, surpassing the level of “extreme fear” that accompanied the collapse of crypto exchange FTX.

Analyzing short-term holder (STH) behavior, Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, revealed the aftermath of panic selling.

Adler used the STH market value to realized value (MVRV) metric, which divides the BTC price by the cost basis of the STH investor cohort.

“The STH MVRV (155-day) metric has periodically dropped below one, indicating periods of short-term undervaluation and potential reversal points,” he told X followers.

“The current values have once again approached the lower levels.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bybit received in-principle approval to set up a virtual asset platform operator in the UAE from the Securities and Commodities Authority (SCA), the exchange announced on Thursday, Feb. 27.

The approval marks a significant regulatory milestone for Bybit as it entered the final stages of obtaining the full operational license.

With the approval, Bybit inched closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE.

Approval came days before Bybit’s hack

Dated Feb. 18, Bybit’s in-principle approval in the UAE came just a few days before the exchange fell victim to a $1.4 billion hack on Feb. 21.

The incident has been called one of the biggest crypto hacks in history, occurring during a transfer between Bybit’s cold and hot wallets.

“This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions,” Bybit co-founder and CEO Ben Zhou said in the announcement, adding:

“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

Bybit scales in India, Georgia, Kazakhstan, Turkey

Beyond the UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in jurisdictions like India, Georgia, Kazakhstan and Turkey.

On Feb. 25, Bybit announced its comeback to India, stating that the firm had registered with government authorities and resumed all services in the country.

To move forward with the market reentry, Bybit was required to pay a $1 million penalty issued by India’s Financial Intelligence Unit (FIU) on Jan. 31. According to the authority, the exchange had violated India’s Information Technology Act by servicing Indian users without securing mandatory registration with the FIU.

Issues in EEA and Malaysia

In late 2024, Bybit announced temporary adjustments to operations in the European Economic Area (EEA), citing compliance with Europe’s Markets in Crypto-Assets (MiCA) regulations.

“Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services within the EEA,” the company said in December 2024.

Announcing the EEA halt, Bybit noted that it was working toward obtaining a MiCA license in Austria.

Related: Bybit CEO declares ‘war against Lazarus’ after $1.4B hack

In line with Bybit’s efforts to regain European presence, the French financial regulator, Autorité des Marchés Financiers, recently removed the exchange from its noncompliance list after blacklisting it in May 2022.

The exchange continues to face regulatory challenges in some countries. In December 2024, Malaysia’s Securities Commission asked Bybit to cease operations in the country, accusing it of operating an unregistered digital asset exchange.

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On Feb. 27, Metaplanet announced the fresh issuance of 0% ordinary bonds worth 2 billion yen to purchase Bitcoin (BTC). According to the notice, this was the seventh time Metaplanet issued ordinary bonds for making Bitcoin purchases.

Metaplanet will issue 40 ordinary bonds, each with a face value of 50 million yen. The bonds, which bear no interest, will be redeemable in full on Aug. 26, 2025.

According to the company, the proceeds will be allocated to Evo Fund, Metaplanet’s dedicated Bitcoin acquisition fund.

Related: Metaplanet, El Salvador stack Bitcoin as BTC slides 5% in 10 hours

Continuing a Bitcoin purchase streak

Since May 13, 2024, Metaplanet has purchased Bitcoin on 17 occasions, its biggest being a 619.7 BTC acquisition on Dec. 20, 2024. 

The company has accumulated 2,235 BTC, valued at about $192.4 million.

While the company was founded in 1999, Metaplanet’s stock prices — listed on the Tokyo Stock Exchange — have struggled since 2013. 

The company’s shift toward Bitcoin accumulation has drawn comparisons to Strategy (formerly MicroStrategy), the US software firm co-founded by Michael Saylor that pioneered Bitcoin treasury investments.

Bitcoin helps appreciate Metaplanet stock prices

Metaplanet’s stock has surged since it began acquiring Bitcoin, rising from 200 yen to 6,650 yen in early 2025, marking a 3,225% increase in less than a year.

Still, its shares have since pulled back and currently trade at around 4,000 yen.

During the February stock surge, Metaplanet announced plans to acquire 10,000 Bitcoin by Q4 2025 and that it intends to increase its total holdings to 21,000 BTC by the end of 2026, which would be worth $2 billion in current market prices.

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