The decline in the cryptocurrency market is synchronized with the sell-off of other risk assets such as U.S. stocks.

Written by: Mary Liu, BitpushNews

Due to the intensifying global trade tensions and overall selling pressure in the cryptocurrency market, investor interest in risk assets continues to wane. In the past 24 hours, Bitcoin briefly fell to an intraday low of $82,131.90, marking its lowest point since November last year, while Ethereum dropped to around $2,300.00, and XRP and Solana saw declines of nearly 5%. Overall market sentiment remains fragile.

Concerns over Trade War Resurface: Macroeconomic Clouds

On February 26, U.S. President Trump stated that he would soon announce tariffs on the European Union. A potential 25% tariff could be imposed, along with planned tariffs on Mexico and Canada, raising market concerns about a global trade war. Although Trump had previously expressed a desire to reach an agreement with the EU, the advancement of the tariff plan has worsened market sentiment.

The decline in the cryptocurrency market is synchronized with the sell-off of other risk assets such as U.S. stocks. Trump has recently threatened to impose additional tariffs, including potential tariffs on copper imports, further exacerbating market uncertainty. Additionally, weak U.S. consumer confidence data has raised concerns about an economic slowdown, putting pressure on the U.S. economy, which is primarily driven by private consumption.

Bitcoin ETF Funds "Bleeding": Micro Market Impact

This week, U.S.-listed Bitcoin ETFs experienced nearly $1 billion in fund outflows, setting a record for the highest single-day outflow since the launch of the spot ETF in March 2024. Fidelity and BlackRock's Bitcoin ETFs recorded single-day outflows of $344.7 million and $164.4 million, respectively.

Standard Chartered Bank warned that the ongoing ETF fund outflows could exert further pressure on Bitcoin prices. The bank's head of digital asset research, Geoff Kendrick, pointed out that since the U.S. elections, the average purchase price of Bitcoin ETFs has been $97,000, with current net losses of about $1.3 billion.

Technical Analysis "Pulse": Is the Next Target $70,000?

YouHodler's market director, Ruslan Lienkha, told FXStreet: "According to technical analysis, the next target for Bitcoin prices is around $70,000, which is a strong support area. However, we will only see this level if negative sentiment dominates U.S. stocks. U.S. stock indices have fallen for several consecutive days, but it is still too early to conclude that the broader upward trend has ended—this may just be a market adjustment."

TradingView data shows that the fair value gaps (FVG) of $76,900 - $80,216 and $81,500 - $85,072 are key levels for potential buyers to accumulate Bitcoin, which may lay the foundation for subsequent rebounds.

FVG refers to the lack of sufficient trading volume in a certain price range due to market sentiment or insufficient liquidity during rapid price increases or decreases. This gap typically manifests as prices skipping over a certain range in a short period, jumping directly from one level to another, creating a "blank" area, and the FVG range is considered a key area where prices may retrace.

LMAX Group's crypto strategist, Joel Kruger, pointed out that there is "strong support" in the $70,000-$75,000 range for Bitcoin, which could become "a more attractive higher low," laying the groundwork for the next significant surge and pushing Bitcoin to break through $110,000, setting a new historical high.

Long and Short Intertwined: The Market is Not "One-Sided" Pessimism

Meanwhile, YouHodler's market director, Ruslan Lienkha, stated that last week's Bybit hacking incident had a limited impact on institutional investor confidence. He noted that institutions typically adhere to strict capital management rules, allocating only the liquidity needed for daily trading on centralized exchanges (CEX), while large transactions are conducted through over-the-counter markets, and long-held assets are stored in self-custody solutions.

At the same time, there are positive signals from regulators: the SEC has concluded its years-long investigations into Gemini and Uniswap Labs and decided not to take enforcement action. Previously, the SEC also informed Coinbase that it would drop its lawsuit against it (pending final confirmation) and terminated investigations into Robinhood and OpenSea.

Overall, the cryptocurrency market is still difficult to be optimistic about in the short term. The future direction will need to closely monitor this week's U.S. initial jobless claims and PCE data, which may provide more guidance for the market.

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