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Bitcoin

Bitcoin Price Struggles Due To ‘Absence Of Positive Catalysts,’ Coinbase Analysts Reveal

Opeyemi Sule
by Opeyemi Sule
6 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price started 2025 with an uninspiring performance in January, moving mostly sideways throughout the month. The premier cryptocurrency’s negative start to February — dropping around $92,000 on the first day — was a sign of what’s to come later in the month.

The Bitcoin price has since slipped beneath $80,000, posting one of its worst February performances in recent years. While several experts have shared their thoughts and analysis on this market downturn, analysts at crypto exchange Coinbase are among the latest to weigh on the latest Bitcoin February record.

Bitcoin’s Weekly Decline: What’s Causing The Drop?

In the latest market report, Coinbase analysts David Han and David Duong revealed that the crypto and Bitcoin markets are in a somewhat uncertain state. This shift in the market condition follows the $1.4 billion Bybit hack and the decline in the macroeconomic environment.

Related Reading: Bitcoin Price Action Sees Largest Gap Closure In Market Shake-Up, Bullish Or Bearish Signal?

According to Coinbase analysts, the latest trade tariff news and decline in the Consumer Sentiment Index impacted the crypto and United States stock markets earlier in the week. However, the equities market bounced back due to improved investor sentiment after the US House of Representatives approved the year’s budget during the week.

The Bitcoin price, on the other hand, didn’t show this same level of resilience in the last seven-day period, struggling to reclaim some of its crucial psychological levels above the $95,000 level. Now, the flagship cryptocurrency trades just above the $80,000 mark, reflecting an over 12% decline in the past week.

Han and Duong believe that the failure of the Bitcoin price from the early-week blues was due to the absence of positive near-term catalysts for the crypto space. Additionally, the analysts highlighted the lack of technical support within the $80,000 – $95,000 region.

Bitcoin price

Source: SoSoValue

The current weak investor sentiment is spotlighted by the heavy outflows suffered by the US-based spot Bitcoin exchange-traded funds, with over $2.9 billion withdrawn in the past week. “Concurrently, lending markets have echoed the risk-off sentiment as leverage diminished and funding rates declined across the board,” the analyst added.

According to the report, nearly $2 billion in perpetual futures were liquidated at the start of the week, significantly decreasing the leverage in the market. Meanwhile, the CME basis for both Bitcoin and Ethereum has dropped to 5%, the lowest since March 2023.

Bitcoin Price At A Glance

As of this writing, Bitcoin is valued at around $85,200, reflecting a 0.3% decline in the past 24 hours.

Related Reading: Bitcoin Supply In Profit Drops During Price Correction – 4.4 Million Bitcoin Now Held At A Loss

Bitcoin price

The price of BTC forms a doji candlestick on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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