Bitcoin (BTC) hovered around the $82,000 mark on Monday, following a nearly 15% weekly decline that triggered a wave of liquidations across the crypto market. Over the past 24 hours alone, total liquidations surged to $687.73 million, signaling heightened volatility and investor caution. A key factor contributing to the downturn was the movement of funds by the Bybit hacker, who cashed out at least $300 million from the record $1.5 billion stolen in the breach, according to a report by QCP Capital.
This large-scale offloading disrupted market momentum and intensified selling pressure, particularly during Sunday’s low-liquidity period. The incident has reignited concerns about exchange security and the potential for whale-driven price manipulation in already fragile market conditions.
Bitcoin Price Drop Triggers Over $690 Million in Market Liquidations
Bitcoin showed slight recovery early Monday, trading near $82,800 during European hours after dropping over 6% on Sunday to touch a low of $80,000. Despite this minor rebound, the broader trend remains bearish as technical indicators and market sentiment point to continued downside risk.
The recent correction has led to widespread long liquidations, with Coinglass data revealing that total positions wiped out reached $687.73 million in just 24 hours. The largest single liquidation occurred on Binance’s BTC/USDT pair, amounting to $32.09 million—highlighting the concentrated leverage within major exchanges.
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According to Ryan Lee, Chief Analyst at Bitget Research, “Bitcoin is expected to face critical support between $70,000 and $75,000 this week, with resistance forming between $85,000 and $87,000.” He added that failure to hold above $77,000 could push prices toward the lower end of the support zone, while a rebound from $75,000 might re-energize bulls and drive BTC back into the $80,000–$85,000 range.
Market structure suggests increased vulnerability at current levels, especially with macroeconomic uncertainty looming and whale activity influencing short-term direction.
Key Macroeconomic Data in Focus This Week
This week’s price action will likely be shaped by major U.S. economic releases, including Wednesday’s Consumer Price Index (CPI) and Thursday’s Producer Price Index (PPI). These reports will offer fresh clues on inflation trends and the Federal Reserve’s potential rate-cut timeline.
QCP Capital noted in its latest analysis that risk assets like U.S. equities and Bitcoin are trading near recent lows amid persistent tariff risks and elevated market volatility. However, last Friday’s stronger-than-expected Non-Farm Payroll (NFP) data provided temporary relief, reinforcing expectations of a Fed rate cut as early as May.
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Despite these positive macro signals, momentum was derailed by the Bybit hacker’s decision to liquidate part of the stolen funds. The sale of at least $300 million worth of crypto during a low-liquidity window amplified downward pressure on BTC.
Analysts at QCP explained: “Today’s sell-off may have been exacerbated by holders preemptively selling in anticipation of further supply dumps. The hackers have now shown willingness to cash out rather than risk deeper losses—especially after seeing the value of stolen assets depreciate by 25%. This has driven increased demand for bearish options via risk reversals over the past 24 hours.”
Bitcoin Technical Outlook: Bears Target $78,000 Support
Technically, Bitcoin broke below its 200-day Exponential Moving Average (EMA) on Sunday, closing beneath $85,754—a bearish signal confirming short-term trend reversal. At the time of writing, BTC was trading around $81,800.
If selling pressure persists, the next target for bears is the February 28 low of $78,258. A decisive close below this level could open the door for a retest of stronger support at $73,072.
The daily Relative Strength Index (RSI) currently sits at 36, having rejected the neutral 50 level last week—indicating growing bearish momentum. Additionally, the Moving Average Convergence Divergence (MACD) formed a bearish crossover on Sunday, reinforcing the sell signal.
On the upside, any recovery must clear $85,000 to shift sentiment back in favor of bulls. A sustained move above this resistance could spark short-covering rallies and stabilize prices in the mid-$80K range.
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Frequently Asked Questions (FAQs)
Q: Why did Bitcoin drop below $82,000?
A: The drop was triggered by a combination of macro uncertainty, technical breakdown below key moving averages, and large-scale selling linked to the Bybit hacker liquidating stolen funds.
Q: How much was liquidated during the recent BTC price drop?
A: Over $687 million in long positions were liquidated across major exchanges within 24 hours, with Binance accounting for the largest single wipeout.
Q: What are the key support levels for Bitcoin now?
A: Immediate support lies between $78,258 and $75,000. If broken, BTC could test deeper support near $73,072.
Q: Could Bitcoin recover this week?
A: Recovery is possible if BTC holds above $75,000 and positive macro data (like CPI/PPI) supports risk-on sentiment. A break above $85,000 would confirm bullish reversal.
Q: How did the Bybit hack affect the market?
A: The hacker sold at least $300 million of stolen crypto during low-liquidity hours, increasing selling pressure and shaking investor confidence—especially amid fears of further dumps.
Q: What role do macroeconomic factors play in BTC’s price?
A: Data like CPI, PPI, and NFP influence Fed rate expectations. Lower rates typically boost risk assets like Bitcoin by reducing yield competition from bonds.
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