Flipster Crypto Weekly (February 28)

February 28, 2025

Bitcoin fell below $80,000 for the first time since November this week, as mounting economic and geopolitical concerns weighed on market sentiment. Reports that the United States may impose new tariffs on imports from China, Canada, and Mexico—effective March 4—triggered fresh volatility, raising fears of escalating trade tensions and potential stagflation. 

The uncertainty surrounding these developments compounded existing market anxieties, particularly in the wake of Bybit’s $1.5 billion hack last week, which had already shaken investor confidence. Amid these pressures, risk appetite among traders has weakened, with many scaling back exposure due to heightened uncertainty. This has led to a broader downturn in the cryptocurrency market as participants brace for potential headwinds ahead.

Bitcoin (BTC)

Weekly performance: -18.42%

Year-to-date (YTD) performance: -14.06%

On Tuesday, Bitcoin (BTC) dipped below the lower boundary of its long-standing trading range before stabilizing at the 200-day moving average (MA). Since November, BTC has been trading within a $91,000 to $106,000 range, and this recent breakdown indicates a potential shift in market sentiment, reflecting growing bearish momentum for BTC.

Ethereum (ETH)

Weekly performance: -22.04%

Year-to-date (YTD) performance: -35.9%

Market speculation over last weekend initially suggested that Bybit's efforts to repurchase $1.5 billion worth of Ethereum (ETH) following its recent security breach would drive ETH prices higher. However, the market soon recognized that Bybit's purchases would be conducted over-the-counter (OTC), rather than through the open market—significantly reducing their potential impact on ETH prices. The realization sent ETH into a steep decline, dropping more than 20% so far this week. 

Solana (SOL)

Weekly performance: -27.09%

Year-to-date (YTD) performance: -32.21%

In our previous Crypto Weekly article, we noted that sustained trading below the 200MA could indicate further downside movement. This scenario materialized this week, with Solana (SOL) declining by more than 20% and currently finding support around the $125 level. This price point has historically served as a key support zone for SOL, and if past price action is any guide, it could potentially attract renewed buying interest at these levels.

Nervos Network (CKB)

Nervos Network (CKB) was one of Flipster’s top movers today, surging more than 20% in Friday’s session as of this writing. The rally stood out against the broader market trend, with CKB breaking above the 10-day and 21-day short-term MAs on strong trading volume. However, the overhead 50MA could act as a key resistance level.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with a significant risk of loss due to its high price volatility, and is not suitable for all investors. Please refer to our Terms.