Bitcoin price struggles below $100,000 as Bybit hack triggers sell-off
Bitcoin Struggles Below $100K Amid Market Turmoil After Bybit Hack.
Bitcoin’s price remains locked in a consolidation phase below $100,000, with recent volatility triggered by one of the largest cryptocurrency hacks in history.
The leading cryptocurrency initially swept above last week’s high of $98,940 before reversing sharply, falling by over $4,000. The decline pushed BTC to a three-day low of $94,800, forming a bearish engulfing pattern. The market downturn also saw liquidations surge past $600 million across the broader crypto market.
The primary catalyst behind Bitcoin’s latest price drop appears to be the Bybit security breach. Suspicious transfers from Bybit’s hot wallets led to what CEO Ben Zhou confirmed as a hack, draining approximately $1.4 billion in ETH. The incident, now described as one of the largest in crypto history, had a pronounced effect on the market. BTC, which was climbing toward the psychological $100,000 mark, was swiftly rejected and plunged back into the consolidation range.
Bitcoin price dynamics (Feb 2025). Source: TradingView.
Bitcoin price outlook: key support at $94,100 as bearish signals persist
Bitcoin’s technical indicators reflect continued bearish pressure. The daily and 4-hour Relative Strength Index (RSI) remain in bearish territory, suggesting the possibility of further declines. Additionally, the 100-day Exponential Moving Average (EMA) at $94,100 is a critical near-term support level. A decisive break below this level could accelerate selling pressure and push BTC toward lower levels.
With BTC still trading at $96,500 as of February 22, the market remains on edge. Bitcoin’s failure to sustain momentum above $98,940, coupled with broader market uncertainty, highlights the fragile state of the current uptrend. While support at $94,100 remains intact, technical indicators favor further downside. Traders should watch whether BTC can reclaim $98,940 or if a breakdown below the 100-day EMA sets the stage for a deeper retracement.
Bitcoin price action broke above a key resistance trendline, adding strength to the bullish outlook. Network data presents a contrasting picture suggesting strong demand for block space.
