In the shadow of economic turmoil, the beleaguered Bitcoin has succumbed to a somber descent, plunging below the fateful threshold of $80,000 for the first time since November—a melancholic dance that swiftly erases the brighter gleams of prosperity witnessed since the election of that unusual figure, Donald Trump. The cacophony of mounting worries over audacious tariffs has turned the marketplace into a theater of the absurd.
The ever-watchful price tracker of crypto.news has been whispering tales of doom: Bitcoin (BTC)—once a shimmering $82,000 star—now languishes in the $79,800 abyss, reflecting a painful 6% decline in just one fleeting day. As traders clung to the hope of fortuitous support levels, they now brace themselves for the grim possibility of sinking even lower, contemplating an unfathomable plunge toward the ominous $70,000 territory.
Yet, the grave toll does not end there. Liquidations have reached a staggering $327 million in only 12 hours, with long positions breathing their last breaths, as documented by the ever-reliable sages at Coinglass.
What lurks behind this dismal decline? Is it merely the terrifying specter of macroeconomic uncertainty? Indeed, the specter is real, as Trump proposes an extravagant 25% tariff on imports from our Northern friends, those bagel-loving Canadians, the taco-fetching Mexicans, and the ever-practical Europeans. Investors tremble, fretful that rising costs might transform into a fiery inflation nightmare.
Some so-called analysts cheerfully declare that these tariffs could rekindle domestic manufacturing—a bold statement amidst the widespread panic that now blankets market sentiment, steering a hesitant capital towards the stolid embrace of the dollar and U.S. Treasuries.
And lo! Institutional investors, once enthusiastic participants in this grand theatre, now retreat into the shadows. The U.S. spot Bitcoin ETFs have recorded a staggering $275 million in net outflows on the 27th of February alone, pulling the total retreats to a jaw-dropping $2.7 billion for the week! It is a grand reversal from the euphoria that once propelled Bitcoin to its awe-inspiring peak of $109,000 shortly after Trump’s inauguration. What irony it is, that optimism can so swiftly turn into doubt!
Yet, amidst this theatrical tragedy, a flicker of hope persists. The temperature of social sentiment has risen, with social media alive with chatter of “buy the dip.” Ah, the sweet, seductive siren call of retail optimism! But beware, dear listeners, for historical patterns suggest that blind faith during such downturns often portents of further falls—a cruel twist of fate.
🤷 Traders are showing a very high level of confidence that this dip is ‘the one to buy’, according to the spike in discussions across X, Reddit, Telegram, 4Chan, BitcoinTalk, and Farcaster. Ideally, we are waiting for this crowd enthusiasm to die down as a signal that enough…
— Santiment (@santimentfeed) February 28, 2025
On this fateful day, Arthur Hayes, the co-founder of BitMEX, rings the alarm bell, stating that Bitcoin continues its miserable downtrend, sinking into depths of lower lows. He bravely predicts an impending fresh drop below the distressed $80,000 mark this weekend, with the possible misfortune of testing that dreaded $70,000 to $75,000 range—an impending doom should Trump falter in his budgetary ambitions. Therefore, amidst such a turbulent sea, the short-term outlook for Bitcoin remains an inscrutable enigma, shrouded in uncertainty.
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2025-02-28 09:56