Bitcoin Hits Lowest Price Since November – Is the Bottom In?

Bitcoin has had another volatile 24 hours but is starting to show signs of bullish life. The price briefly broke below $80K for the first time since mid-November, hitting a low of $78.2K—down almost 8% on the day. However, we’re waking up to Bitcoin at $84.4K, down just 0.41% on the day. A remarkable bounce during the US trading session saw altcoins also make stellar recoveries, with some even closing positive despite being down over 8% intraday.

Have We Seen the Bottom?

Bitcoin’s 7.5% bounce from its intraday low suggests that bulls are beginning to step in. If this marks the bottom of the correction, the long-term bullish structure remains intact. However, it’s best to wait and see how the next few days unfold. With next week being relatively free of major catalysts, the crypto market should be able to move naturally, without external pressures.

Solana's Impressive Rebound

Solana has certainly impressed. After being down nearly 9% at one point, it’s now up almost 7% on the day—a staggering 17% turnaround from its intraday low. Quite the reversal, especially considering the immense selling pressure Solana has faced over the past month due to the closure of the memecoin casino and the upcoming Solana unlock.

So, why has SOL recovered so strongly?

Back in January, we discussed the potential launch of new cryptocurrency products on CME futures—specifically XRP and SOL. A leak suggested they would launch on 10th February, though that date came and went without an official announcement. However, we’ve now received confirmation that CME Group is set to introduce Solana (SOL) futures, pending review, with trading expected to begin on 17th March. This makes SOL only the third cryptocurrency to receive a futures product from CME Group.

Political Tensions and Market Reactions

The ongoing political uncertainty has taken another dramatic turn. President Trump, Vice President Vance, and Ukrainian President Zelensky met in the Oval Office, and the discussions were far from friendly. A live televised exchange gave the public a rare look into what these high-stakes conversations are like behind closed doors.

Tensions peaked as Trump and Vance clashed with Zelensky over the Ukraine conflict, culminating in Zelensky being ‘kicked out’ of the White House. One might expect such an event to dampen hopes of a resolution in Eastern Europe, but traditional markets reacted positively—the S&P 500 closed up 1.6% on the day.

Stormrake Spotlight: Sonic (S) ($0.68)

Now, this is a chart that makes me happy. You may see five consecutive red daily candles, but I see buying strength. Sonic (S) has already bounced over 10% from its intraday low.

The bullish order block highlighted a few days ago was tagged at the wick low and immediately bought up with strength, while the 21EMA held firm for the daily close. This demand is extremely positive for S and is likely to continue as long as Bitcoin maintains a bid.

BTC/USD Key Levels and Price Action:

Bitcoin’s V-shaped recovery has provided hope for bulls, with price reclaiming the key level of $81.6K and moving back above both the 21EMA and 55EMA.

However, BTC is now struggling at a critical resistance of $85.2K. If it fails to break this level, it will confirm a lower high, reinforcing the bearish structure and momentum.

BTC Total ETF Flows for 28 Feb: $ (data not available at the time of writing)

ETH/USD Key Levels and Price Action:

Ethereum has also attempted somewhat of a V-shaped recovery, mirroring Bitcoin’s move. ETH has reclaimed the key level of $2,171 and the 21EMA, but it has yet to test the 55EMA, which will likely act as a strong resistance.

If ETH fails to break above the 55EMA, it will strengthen the bearish structure and momentum—just like Bitcoin.

ETH Total ETF Flows for 28 Feb: $ (data not available at the time of writing)

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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