On February 26, Bitcoin is trading near $87,000 after breaking below the $90,000 support, triggering sell-offs. XRP is showing signs of resilience while Dogecoin struggles. Bitcoin’s price is 20% lower than its all-time high of $90,000 due to market volatility from ETF outflows and external economic factors. Maker is experiencing growth amidst market declines, signaling mixed sentiments in the crypto space.

Bitcoin (BTC) is currently trading around the $87,000 mark after experiencing significant liquidations due to its drop below the $90,000 support range. Technical analysis indicates that a buy signal is emerging on the daily price chart, even as market sentiment remains cautious, reflected by the Crypto Fear & Greed Index.

XRP, the payments-focused cryptocurrency, has maintained its momentum by staying at the 38.2% Fibonacci retracement level, implying potential for recovery. Conversely, Dogecoin (DOGE) appears to be losing its upward trend, as indicated by recent analyses of Fibonacci levels.

With Bitcoin’s price hovering approximately at $88,800 following a low of $86,050, it is now about 20% down from its all-time high. The recent market dynamics were partly influenced by the US Bitcoin spot Exchange Traded Funds (ETFs), which reported a significant outflow of $937.90 on Tuesday. Concerns regarding President Donald Trump’s tariffs also contribute to market volatility, especially following MicroStrategy’s recent BTC purchase that did not resonate well with investors.

The cryptocurrency market’s outlook remains uncertain, with Bitcoin prices trading below $89,000. As a result, the cryptocurrency market faced a decline overall, with Bitcoin price reflecting a general bearish sentiment. A report noted that Maker’s price, however, has shown resilience, rallying nearly 12% despite this market decline, driven by strong on-chain metrics.

Overall, the trend is worrisome as Bitcoin prices have faced substantial corrections. The recent dips in Bitcoin have impacted related sectors, notably seen in the stock price of Strategy (formerly MicroStrategy), which fell by 11% amid fears of forced liquidation. Despite a narrow consolidation phase, Bitcoin demand appears weak, posing potential risks for future investments.

In summary, Bitcoin (BTC) is currently facing a critical juncture as it trades below $90,000, with technical indicators hinting at possible recovery. XRP remains resilient, while Dogecoin seems to falter. Coupled with concerns about the wider market influenced by Bitcoin ETF outflows and external economic factors, the outlook on cryptocurrencies remains volatile. Investors are advised to approach this market with caution, considering the inherent risks.

Original Source: www.fxstreet.com

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