BTC Faces Sharp Drop but Maintains Bullish Structure
Bitcoin has suffered a major sell-off, falling nearly 11% from its Feb. 24 high of $96,500 to three-month lows of $86,050. Macroeconomic concerns, including weaker U.S. consumer confidence and upcoming trade tariffs under President Donald Trump, have added pressure to risk assets.
The BTC/USDT daily chart shows Bitcoin trading in a descending channel, testing key support near $87,000. The Bollinger Bands suggest high volatility, with BTC hugging the lower band at $90,373. The Relative Strength Index (RSI) at 30.44 signals oversold conditions, hinting at a potential bounce.
Analyst Titan of Crypto sees BTC in a bullish inverse head and shoulders pattern, targeting $125,000 if support holds. However, Standard Chartered’s Geoffrey Kendrick warns of a dip to $80,000 before recovery.
“Titan of Crypto,” a widely followed market analyst, believes Bitcoin’s bullish structure remains intact despite the drop. He pointed to an inverse head and shoulders pattern on the weekly chart, which could propel BTC toward $125,000.
Don Alt echoed similar optimism, stating that Bitcoin is merely testing range lows before a potential bounce.
Conversely, Standard Chartered analyst Geoffrey Kendrick warned that BTC could drop further, possibly reaching the $80,000 level. Spot Bitcoin ETF outflows and heightened geopolitical risks suggest the market is not ready to recover yet.
CryptoQuant reports 26,430 BTC ($2 billion) moving into whale accumulation addresses, suggesting smart money is buying the dip. But market fear is high, with the Crypto Fear & Greed Index at a five-month low.
Chainlink (LINK) Crashes Below Key Support – More Downside Ahead?
Chainlink (LINK) has dropped to $15.26, losing 15% in the last 7 days. Meanwhile, whales have transferred a staggering 610K LINK tokens intensifying the selling pressure.
Santiment data reveals that LINK ranks second in developer activity over the past 30 days, trailing only Internet Computer (ICP). Increased development could boost investor confidence, but unless buying activity picks up, LINK could remain under downward pressure.
Shiba Inu Risks Breaking Support as Market Sentiment Weakens
Shiba Inu (SHIB) has mirrored the broader market downturn, dropping 7.55% in the past 24 hours to $0.00001423. The meme coin is hovering near a crucial support level, where 77 trillion SHIB tokens were purchased at an average price of $0.00001.
Despite weak price action, whale netflow has remained positive, with inflows exceeding outflows. IntoTheBlock data shows that whales accumulated over 443.78 billion SHIB tokens between Feb. 20 and 23, signaling confidence among large holders.
Shiba Inu Whale Netflow | IntoTheBlock
However, the sharp drop in burn rate—95% lower than previous levels—suggests declining demand, raising concerns about SHIB’s near-term trajectory.
SHIB’s historical rally from 2020 to 2021 has fueled speculation of another explosive move. However, with a circulating supply of nearly 589 trillion tokens, replicating past gains appears unlikely. If sellers maintain control, SHIB could test August 2024 lows of $0.00001.