Bitcoin News: Bitcoin Recovers Strongly After Bybit Hack Fears, Eyes Potential Breakout to $106,000

Bitcoin's resilience was on full display recently as it recovered swiftly from a dip caused by fears of a security breach at Bybit. Despite a temporary drop, the cryptocurrency quickly regained support at $96,000, and technical analysis suggests a potential breakout towards $106,000.

Bitcoin Holds Strong at $96K After Bybit Hack Fears Fade

Bitcoin dipped after reports of a security breach at Bybit but quickly recovered, holding support at $96,000. Bybit reassured users with $16 billion in reserves, calming the market. A falling wedge pattern suggests a potential breakout towards $106,000. Bitcoin showed resilience, bouncing back from a dip at around $93K to hit a high of $99.5K before the Bybit news caused a temporary drop.

Bitcoin Dips 5.77% in February, Whales Show Controlled Selling

Bitcoin (BTC) experienced a moderate price drop of 5.77% in February following a significant surge in January. Despite this retreat, Bitcoin’s market has largely held steady above the $90,000 mark, signaling that larger investors or “whales” are taking a more controlled approach in their strategies. Bitcoin kicked off 2025 with a price of $93,569.38 and gained 9.25% over the first week, peaking at $109,603.27 by January 20. This rally provided significant returns for large holders, prompting many whales to take profits.

Bitcoin Price Steady as Nasdaq 100, S&P 500, SCHD Retreat

Bitcoin price held steady above $95,550 even as popular American stock indices and exchange-traded funds dived. Bitcoin (BTC) was trading above $96,550 on Saturday morning, a day after U.S. equities had their worst day this year. The blue-chip S&P 500 index dived by 1.71%, while the tech-heavy Nasdaq 100 fell by 2%, erasing 455 points. Similarly, the Dow Jones and the small-cap-weighted Russell 2000 fell by 1.70% and 3%, respectively. The Schwab US Dividend Equity ETF (SCHD) fell by 0.5%. This ETF tracks some of the biggest value stocks in the US and is highly popular among dividend income investors.

Bybit Suffers $1.4 Billion Hack, Largest in Crypto History

Bybit, a major cryptocurrency exchange, suffered a $1.4 billion hack, the largest in crypto history. The attack was linked to the notorious Lazarus Group by blockchain sleuth ZachXBT. Despite the breach, Bybit assured users that all client funds remain safe. The security breach rattled the cryptocurrency landscape, pushing Bitcoin into sharp decline. Investor sentiment hit extreme fear levels, similar to mid-February when markets staged a swift rebound. However, the scale of this attack and its impact on exchange trust could shape market reactions differently this time.

Bitcoin Consolidation Ends Soon? Key Dates Identified for Breakout

Peter Brandt predicts Bitcoin’s breakout window between February 24-26, highlighting internal market symmetry. Key resistance at $106,000 and support at $90,500 could determine its next big move. Traders like Crypto Rover, Don Alt, and Crypto Target anticipate a major price shift soon. Bitcoin has been moving within a tight range, but market veteran Peter Brandt has identified a crucial window that could determine its next big move. His analysis points to February 24-26 as the period when BTC may finally break free from consolidation.