Bitcoin News: BTC Approaches Key Support Level Amid Bearish Bias, Michael Saylor Hints at Major Purchase

Bitcoin Price Analysis: BTC Loses Key Support

Bitcoin has dipped below the 100-day moving average at $98K, approaching the key $95K support level. Low trading activity suggests a lack of strong momentum, making further short-term consolidation likely. The breakdown introduces a bearish bias, increasing the likelihood of further consolidations and potential retracements toward the significant $90K support level.

Michael Saylor Hints at Major Bitcoin Buy – $42B Plan in Motion?

Michael Saylor's Bitcoin-focused firm, Strategy (formerly MicroStrategy), appears to be preparing for another substantial BTC acquisition. Speculation around this potential move gained traction after Saylor, the company’s co-founder, subtly hinted at upcoming activity on social media. On the 23rd of February, he shared a Bitcoin tracker, a gesture that has often preceded significant purchases in the past. His cryptic message implied that recent BTC transactions had yet to be reflected in the tracker, fueling rumors of an imminent addition to their holdings. Saylor also urges the U.S. to secure 20% of global Bitcoin for economic dominance.

Bitcoin’s Weakening Network Activity Signals Potential Consolidation

On-chain data suggests that Bitcoin's network activity has been steadily declining, contributing to the cryptocurrency's recent narrow price movements. Pseudonymous CryptoQuant analyst Avocado_onchain reports that if this trend continues, we may see another prolonged consolidation phase, similar to what began in March 2024. The analyst observes the number of daily active wallet addresses on the Bitcoin network using a 30-day small moving average (SMA) as one such data point.

Bitcoin’s $100K Milestone in Reach? Key U.S. Events to Watch This Week.

Unprecedented market dynamics propel Bitcoin's $100k milestone into focus as it trades near $95,890. Intense market volatility and transformative U.S. events, such as the Consumer Confidence Report on February 25, shape its trajectory. Institutional players drive unprecedented momentum, while Bitcoin adoption surges across major financial sectors. Industry veterans emphasize that U.S. events could catalyze Bitcoin's push toward $100k.

Daily Market Review: BTC, ETH, and Others

The bears are in control in today’s session, with the global market cap decreasing by 2.06% to $3.12T. The trading volume jumped by 28.57% to $86.97B. Bitcoin (BTC) has not posted any gains, trading NEAR the middle Bollinger Band with low volatility. The AO indicator is in the negative zone, hinting at bearish momentum. BTC could test $98,188 if it breaks above $96,393, but a breakdown below $94,598 might lead to further declines. BTC traded at $95,637 as of press time.