Bitcoin Tests Range Boundaries After Sharp Reversal
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Bitcoin demonstrated significant volatility on February 25th, experiencing a sharp intraday decline to the low-$60,000s before rebounding toward $69,000. This dramatic move resulted in approximately $500 million in short position liquidations, highlighting the market's sensitivity to rapid price shifts. The recovery maintains Bitcoin within the $60,000-$69,000 trading range that has characterized February activity, according to Glassnode data.
Despite this rebound, structural weaknesses persist in Bitcoin's market structure. The failure to decisively break above the $69,000 resistance level suggests ongoing consolidation rather than a clear directional trend. Market participants should monitor whether Bitcoin can sustain momentum above this critical threshold or faces renewed pressure within the established range.
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