Crypto Market Moves Sideways: Further Decline or Rebound?

▲ Cryptocurrency

After failing to break above $70,000, Bitcoin (BTC) has retreated to the mid-$60,000 range, placing the cryptocurrency market at a crossroads between another correction and a rebound.

According to crypto-focused outlet Watcher.Guru on Feb. 27 (local time), Bitcoin recently attempted to surpass $70,000 but was met with resistance and pulled back to around $67,000. Based on CoinGecko data, it has fallen 1.1% over the past 24 hours and is down 24% over the past month. Compared to late February 2025, the decline stands at 20.4%. However, on a shorter-term basis, Bitcoin has gained 0.7% over the past seven days and 2.3% over the past 14 days, maintaining a partial rebound trend.

Volatility has increased in the derivatives market. According to CoinGlass, more than $250 million in liquidations occurred over the past 24 hours. Buying interest emerged when Bitcoin fell to $63,000, but profit-taking likely intensified as it attempted to retest the $70,000 level.

The broader market remains highly sensitive to macroeconomic variables. Macroeconomic uncertainty and geopolitical tensions that have persisted since last October have weighed on sentiment, while liquidity tightening earlier this month added further selling pressure. Analysts suggest that a sustained trend reversal will be difficult until these structural uncertainties are resolved.

However, potential catalysts remain. Ahead of the U.S. tax refund season, billions of dollars are expected to flow into the stock market, with some of that capital potentially entering the cryptocurrency market. Additionally, if Kevin Warsh, who is being mentioned as the next Federal Reserve chair, moves to cut interest rates after taking office, it could create a favorable environment for risk assets overall.

In the near term, the key factors will be whether Bitcoin can reclaim $70,000 and maintain support in the low-$60,000 range. If macro risks ease, a rebound scenario could gain traction, but further negative developments could lead to another test of yearly lows. The market appears to have entered a phase of searching for direction.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses arising from it. The content should be interpreted for informational purposes only.