Published: Feb 22, 2025 at 04:40 PM
Updated: Feb 22, 2025 at 04:33 PM
- BTC revisited the 0.618-0.786 Fib retracement zone, marking a critical support level with notable price fluctuations.
- Bybit experienced a security break but confirmed full solvency with $16 billion in reserves, ensuring user fund safety.
- Bitcoin reached $95,665.22 on February 22, 2025, with trading volume spiking to $110.11 billion amid market volatility.
Bitcoin faced extreme price change when it measured major support values between 0.618 to 0.786 within the 4-hour time frame. Bybit suffered from a security incident just as price movements on Bitcoin occurred.
According to a CryptoBullet post on X, the latest market action saw Bitcoin revisiting the 0.618-0.786 Fibonacci retracement zone, a critical support range closely monitored by traders. This level often acts as a potential reversal area in technical analysis.
The retest marked the second time Bitcoin reached this zone within a short period. Price fluctuations around these levels have kept market participants on edge, with increased selling pressure seen during the trading session.
The market downturn followed reports of a security breach at Bybit, leading to increased selling pressure in Bitcoin and other cryptocurrencies. Despite the initial reaction, Bybit confirmed that the exchange remains fully solvent.
Through its statement, the company declared one-to-one backing of client assets, therefore completing full coverage of user funds. The financial stability of Bybit is proven by its $16 billion reserves, which indicates its ability to handle loss-related impacts.
Following the news, Bitcoin’s price movement reflected the market’s swift response. While the reaction was immediate, some industry sources noted that the sell-off may have been influenced by broader market emotions rather than underlying fundamentals.
Bybit addressed concerns over the breach by emphasizing its strong financial position. The company reiterated that its reserves significantly exceed the affected amounts, ensuring no disruption to client services or asset security.
Tracking Bitcoin’s current insights, Coinglass data indicates that Bitcoin’s price reached $95,665.22 on February 22, 2025, with a trading volume of $110.11 billion. The chart shows a steady increase in BTC price from early November, peaking above $95,000 in February.
Trading volume spiked significantly in mid-February, coinciding with the price surge. Volume levels fluctuated between $20 billion and $50 billion before the sharp February rise. BTC price remained relatively stable after reaching its recent peak.
Cryptonewsland – Your Daily Crypto News – Read More