Key Takeaways
- Bitcoin dropped below $80,000 for the first time since November.
- Over $100 million in Bitcoin long positions were liquidated.
- Traders are now watching for a potential drop to $70,000.
On Feb. 27, Bitcoin fell to $79,752, marking a 2.65% decline within an hour, according to TradingView data.
This drop led to $100.01 million in long positions being liquidated, per CoinGlass.
Bitcoin last traded at this level on Nov. 11, shortly after Donald Trump was elected, as optimism over his pro-Bitcoin policies fueled a rally.
Now, uncertainty surrounding his proposed tariffs is weighing on the market.
Traders brace for $70K Bitcoin
Many traders had expected Bitcoin to find support at $82,000, but now some are predicting a move toward $70,000.
Trader dmac posted on X:
Dip buyers are getting smoked. I still see $70k as the target.
Bitcoin is pulling up to $80K and the 50% retracement. $BTC Dip buyers are getting smoked. I still see $70k as the target. pic.twitter.com/WVLKdQsP64
— dmac (@dana_marlane) February 28, 2025
Pseudonymous trader Mandrik added:
If you liked $80k Bitcoin, then you’re gonna love $70k Bitcoin.
If you liked $80k Bitcoin, then you're gonna love $70k Bitcoin.
— Mandrik (@Mandrik) February 28, 2025
Despite concerns, trader Rager noted that past cycles have seen 30-40% corrections even during bull markets.
Market sentiment split
Data from Polymarket shows traders are divided, with nearly 50% believing Bitcoin will fall below $70,000.
Since Trump’s inauguration on Jan. 20, Bitcoin has dropped 26% from its all-time high of $109,000.
However, Standard Chartered’s head of digital assets research, Geoffrey Kendrick, remains bullish, predicting Bitcoin could reach $200,000 this year and $500,000 by the end of Trump’s second term.
