Bitcoin (BTC) Price Today - February 24: BTC Recovers Above $95K Mark, ETH Price Stands at $2,709

Bitcoin (BTC), the world's oldest and most valued crypto, managed to rise above the $98,000 mark early Wednesday.

Bitcoin price fell below $96,000 after crypto exchange Bybit reported a $1.4 billion hack on Friday. Following the incident, mass withdrawals were triggered by investors, impacting altcoins such as Ethereum, XRP, and Solana.

Despite the setback, Ethereum quickly bounced back to $2,800, displaying strong resilience. However, investors should remain cautious as the market digests the impact of the hack.

In the next few days, BTC may experience slight volatility if it falls below the critical $94,000 support level.

CoinSwitch Markets Desk noted, “While Bitcoin continues to struggle below the 96.2k USD resistance, most altcoins have been sitting at a significant drawdown from their recent all-time highs as well. The recent rundown was triggered primarily by one of the largest crypto hacks of 1.4 billion dollars from ByBit - where the hacker was able to withdraw ETH at an address not known to the exchange.”

Avinash Shekhar, Co-founder & CEO, Pi42, said, “Bitcoin's failure to sustain $96K support has short-term bearish implications, and there could be further losses if bulls cannot hold key levels. While Bitcoin has weakened, altcoins have potential—XRP is developing a symmetrical triangle pattern, which could lead to a 14% rally, while ETH, BNB, XMR, and TAO have bullish formations. This indicates that the market dynamics are changing, with investors looking more at alternatives to Bitcoin. While the momentum of BTC is uncertain, the overall crypto market tells a different story, with a few altcoins strengthening.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The price of bitcoins was reflected over $ 95,000 after a 3% drop lowered by the Hack bybit Exchange. Bitcoin remains technically in a critical zone and trades between $ 93,725 and $ 96,763. If BTS exceeds $ 97,000, it can approach a $100,000 milestone, with a potential bull momentum indicating $ 130,000 as a goal.

for 55 seconds After a 3% drop in the middle of the recent hack on the Byit, bitcoins stabilized above $ 95,000, renewing investors' confidence. Within 48 hours, 200,000 new BTC wallets appeared, signaling an increase in new interest. Technical analysis shows that bitcoins are traded between $ 93,725 and $ 96,763, with a resistance of almost $ 97,000. Escape could drive bitcoins to $ 100,000 or even $ 130,000.”

Shivam Thakral, CEO of BuyUcoin, said, “Over the past 24 hours, market sentiment has been influenced by speculation surrounding the SEC's appeal against Ripple's XRP sales. The recent dismissal of the Coinbase case has sparked rumors of a potential withdrawal from the Ripple appeal, but the complexity of the court's rulings complicates this strategy. Despite this uncertainty, XRP has shown resilience, reflecting broader market optimism. Investors remain cautious, awaiting clarity on the SEC's intentions.”

CoinDCX Research Team noted, “Bitcoin continues to trade within a restrictive range as the buyers and sellers remain aloof without exerting the required pressure. On the other hand, Ethereum displays strength by sustaining above $2700, hinting towards the growing dominance of the altcoins. Besides, after a gigantic drop, the PI price triggered a decent recovery, suggesting that a huge price action could be on the horizon. However, market sentiments remain bullish for altcoins like Kaspa, XRP, Sonic, Cardano, and a few more.”