financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
3 Bullish Signs for Bitcoin Following Recent Crash
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
3 Bullish Signs for Bitcoin Following Recent Crash
Feb 9, 2025 4:13 AM

February began on the wrong foot, even though its historically a highly positive month for bitcoin. This time, though, the cryptocurrency plunged last Sunday and Monday by $15,000 within days.

Although the asset has failed to recover most of the losses since the end of January, the overall bullish sentiment remains strong on several fronts.

Fear Is Good

The aforementioned crash took bitcoin down hard as its price stood above $106,000 last Friday before it dumped toward $91,000 on Monday morning during the US tariffs-induced collapse. Such substantial price movements in either direction tend to influence the overall market sentiment, and this correction was no exception.

Popular crypto analyst Ali Martinez pushed a chart indicating that the crowd has turned negative toward BTC. Moreover, the Fear and Greed Index also went from greed to fear for the first time since the US elections in November. However, both of those could actually be a blessing in disguise for the largest crypto asset as the best buying opportunities often come when crowd sentiment toward bitcoin is negative, said Martinez.

Bitcoin Fear and Greed Index. Source: Alternative.me Lets not forget Warren Buffetts timeless advice, suggesting that investors should be fearful when people are greedy and vice versa.

Alicia BakeryCMO - A really good agencyDid you like this market update?

This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours!

Critical Support and Buying Pressure

Martinez further highlighted $92,800 as the critical support that showcases whether the ongoing bull run is intact or not. If BTC maintains it, the MVRV pricing bands show that the bull case is still active, while a drop below it could spell trouble for the asset.

The cryptocurrency has slipped beneath that line on several occasions in the past few months but has managed to bounce above it almost immediately after each correction.

#Bitcoin $BTC holding above $92,800 keeps the bull case intact, according to the MVRV Pricing Bands. pic.twitter.com/ICB14eJEHT

Lastly, the analyst asserted that investors operating on two of the biggest crypto exchanges HTX and BitMEX have gone on an accumulation spree as the buying pressure on both had gone through the roof in the past day or so.

A surge in buying pressure for #Bitcoin $BTC was just recorded on @HTX_Global and @BitMEX! pic.twitter.com/zfjKLgdsGm

Bonus: February

Although BTC is currently down by over 5% since the start of February, the second month of the year is historically a highly bullish one for the asset. This is particularly true for Februaries, which come after a halving year, such as the current one.

In 2021, BTC soared by nearly 37% in February; in 2017, its gains were a bit more modest at 23%, while in 2013, the cryptocurrency jumped by almost 62%.

Still, history is no indication of future price performances, but it does tend to rhyme sometimes.

SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
PlanB’s Poll Shows Strong Belief in Bitcoin’s $100k Milestone by 2024
PlanB’s Poll Shows Strong Belief in Bitcoin’s $100k Milestone by 2024
Mar 27, 2024
With the Bitcoin halving drawing near, market participants are contemplating whether the asset has reached its peak or if theres further room for growth and when the next upward shift might transpire. Following a breather from a powerful uptrend, Bitcoin is slowly regaining its strength again as it trades above $69k. However, market participants remain optimistic about BTCs trajectory and...
Ripple (XRP) Price Gearing up for ‘Explosive Upward Move’ (Analyst)
Ripple (XRP) Price Gearing up for ‘Explosive Upward Move’ (Analyst)
Mar 27, 2024
TL;DR Despite recent modest gains, analysts predict a significant price surge for Ripples XRP, with targets ranging from $1 to $6, bolstered by expectations of a bullish market cycle and upcoming Bitcoin halving. The outcome of Ripples ongoing legal battle with the US SEC is also anticipated to influence the assets price. Ripples XRP has recently consolidated around $0.62-$0.63, witnessing...
Bitcoin Whale Moves 2,000 BTC Dormant for 14 Years
Bitcoin Whale Moves 2,000 BTC Dormant for 14 Years
Mar 27, 2024
An unknown individual or entity recently consolidated 2,000 BTC mined in 2010 into a single wallet. This consolidation, noted by developer mononautical on X, occurred on March 26, involving the transfer of 40 sets of mining rewards, each consisting of 50 BTC, into one wallet. Bitcoin Miners 14-Year Hold Pays Off Reflecting on the situation, mononautical remarked, Imagine holding for...
COTI Taps Civic to Give Users Self
COTI Taps Civic to Give Users Self
Mar 27, 2024
Web3 infrastructure and data protection firm COTI has signed a partnership with Civic, a digital identity management platform, to give users confidentiality and self-sovereignty over their digital identities. Per an announcement sent to CryptoPotato, the alliance will allow Civic to use COTI V2s Ethereum-based confidentiality layer, which offers a Dynamic decentralized identity (DID). COTI Partners Civic to Protect User Identity...
Copyright 2023-2025 - www.financetom.com All Rights Reserved