February 26 Market Interpretation:
The decline in U.S. Treasury yields is theoretically good for Bitcoin, but looking at those exchange-traded funds that are fleeing in large numbers, it seems that now is not the time for us to "buy the dip."
Trump made another statement yesterday, saying that tariffs on Canada and Mexico will be imposed on March 4. Once the stock market hears this news, it is likely to open in the red today. With this volatility in the stock market, the digital currency market will also tremble, facing significant pullback pressure. Currently, the fear and greed index has dropped to its lowest point in five months at 25, which is basically "panic mode" fully activated.
BTC has also been disappointing these past two days, hitting a new low this year, Ethereum has dropped 10.5%, Ripple is even worse, dropping 14.5%, and Solana has plummeted 18.2% in just 24 hours. The total market capitalization of the entire digital currency market has also shrunk significantly.
Given this situation, the market pullback hasn't reached its bottom yet. Geoff Kendrick, a big shot at Standard Chartered Bank, said that while BTC is performing slightly better than other assets, it is still declining along with the broader environment. He predicts that BTC may continue to fall, possibly dropping to around 80,000.
Looking at it now, BTC's short-term support level is between 85,000 and 84,500, and the short-term resistance level is between 90,000 and 90,500.
