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  • BTC briefly touches $94k amid sentiment-driven dip

    BTC briefly touches $94k amid sentiment-driven dip

    • BTC fell below $95k as sellers intensified pressure.
    • As well as the sentiment, key events to watch out for this week include tariffs news, Fed chair Jerome Powells testimony and CPI data release.

    Bitcoin (BTC) has witnessed notable downside pressure since recoiling from the all-time high reached in 2024 amid Trump’s victory in the US election.

    The benchmark crypto asset has broken to year-to-date highs with bulls largely unfazed. However, the past few days have seen BTC struggle below the psychological $100k level.

    BTC chart by CoinMarketCap

    On Feb. 10, the price of BTC flipped negative to briefly touch lows of $94.7k. While it has bounced to above $97k at the time of writing, analysts at QCP Capital say the market is cautious.

    What next for Bitcoin, altcoins

    Notably, the dip that pushed Bitcoin price to lows of $94,745 appears to be more of sentiment-driven than a reflection of a fundamental shift in broader markets’ risk appetite. QCP analysts opine that volatility will remain skewed toward puts for the next couple months.

    Among key things to watch out for is also Federal Reserve chair Jerome Powell’s testimony and the upcoming consumer price index data. Trump’s latest tariff move involving a 25% tariff on steel and aluminum could also fuel further uncertainty.

    “A feedback loop is emerging—Trump watches the markets, and the markets test his resolve. Will this embolden him further or force a pivot?” the analysts noted, pointing to the issue of tariffs and the market reaction.

    Despite the potential impact of a short term outlook, whales are strengthening to suggest long term confidence in Bitcoin performance.

    According to crypto analyst and YouTuber ‘CryptoJack’, 14,000 BTC have moved on-chain to suggest whales may be making moves amid an expected bull market.

    Bitcoin traded near $98k as of 11:30 am CET, with bulls likely to target $100k if positive vibes surge.

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  • Why is the crypto market down today? BTC briefly slips below $27k

    Why is the crypto market down today? BTC briefly slips below $27k

    Key takeaways

    • The cryptocurrency market is down by roughly 1% over the past 24 hours.

    • Bitcoin briefly dropped to $26,990 earlier today before recovering to now trade above $27,500.

    • The dump came due to reports that there was a transaction with the United States government’s BTC wallet.

    Why the crypto market is down today

    The cryptocurrency market recorded a sharp spike in movement a few hours ago. Bitcoin, the world’s leading cryptocurrency by market cap, was trading just above $28k earlier today.

    However, BTC fell below the $27k level for the first time in more than a week, briefly touching the $26,990 mark before retracing its movement.

    According to market experts, the sharp decline in Bitcoin’s price came as a result of a transaction from the United States government’s BTC wallet. 

    Data obtained from Blockstream showed that 9819.01814463 bitcoins were on the move from the wallet. This large transaction was reflected in the market, with Bitcoin dropping below the $27k mark for the first time in a month. 

    Bitcoin recovers to trade above $27,500

    The dump didn’t last long, as Bitcoin is now trading above the $27k level once again. At press time, the price of Bitcoin stands at $27,502, down by more than 2% in the last hour.

    Bitcoin is not the only cryptocurrency that recorded losses. Ether, the second-largest cryptocurrency by market cap, also dropped below the $1,800 mark earlier today before retracing to now trade at $18,36 per coin.

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