Bitcoin Struggles to Regain $100K Mark as Market Reacts to Bybit Breach

Major cryptocurrencies continued to show weakness on Sunday as the market reacted to the significant $1.4 billion breach at cryptocurrency exchange Bybit.

Major cryptocurrencies continued their lackluster performance on Sunday as the market reacted to the massive $1.4 billion breach at cryptocurrency exchange Bybit.

Overview

Bitcoin (BTC) fluctuated within the $95,000-$96,000 range after experiencing a sharp drop from the mid-$99,000s, following the cyberattack on Friday.

The leading cryptocurrency has struggled to regain the $100,000 mark for the past three weeks.

Meanwhile, Ethereum (ETH), which was significantly affected by the breach, managed to recover and reached an intraday peak of $2,850.

In the last 24 hours, cryptocurrency liquidations totaled $131.20 million, resulting in the loss of $79 million in long positions.

Open interest in Bitcoin saw a slight increase of 0.75%. According to the Long/Short ratio, over half of derivatives traders were shorting the cryptocurrency, suggesting a potential for further declines.

The general sentiment in the market was regarded as “Neutral,” according to the Crypto Fear & Greed Index.

Top Performers (Last 24 Hours)

The total market capitalization for cryptocurrencies was recorded at $3.19 trillion, reflecting a 0.27% decline over the last 24 hours.

On Sunday evening, stock futures experienced an uptick. The Dow Jones Industrial Average Futures gained 149 points, or 0.35%, by 7:46 p.m. EDT. Futures for the S&P 500 rose by 0.41%, while Nasdaq 100 Futures increased by 0.44%.

Investors are particularly focused on the upcoming earnings report from the high-profile AI company Nvidia Corp. (NASDAQ:NVDA), set for release on Wednesday.

Additionally, the Federal Reserve’s key inflation measure, the personal consumption expenditures index, will be unveiled on Friday, providing insights into the potential direction of interest rates.

Stocks declined from record highs on Thursday. The S&P 500 fell by 0.43% to settle at 6,117.52. The Dow Jones Industrial Average decreased by 450.94 points, or 1.01%, ending at 44,176.65, and the tech-heavy Nasdaq Composite dipped by 0.47%, closing at 19,962.36.

This market downturn followed a bleak fiscal 2026 forecast issued by retail giant Walmart Inc. (NYSE:WMT), with the company’s shares plummeting by 6.53%.

Additional Insights: Top Cryptocurrency Scanners

Analyst Insights: Renowned cryptocurrency analyst Miles Deutscher shared insights from the derivative data analytics platform Coinglass, highlighting that Bitcoin’s key market peak indicators have not yet been activated.

“If BTC were indeed approaching a multi-year peak, you would anticipate a few of these indicators signalling the same. There’s still time left in the cycle in my opinion,” stated the analyst.

Not a single on-chain metric that has historically preceded a top for $BTC was triggered this cycle.

If $BTC really was on the cusp of a multi-year top, you would expect at least a few of these signals to be flashing.

There is still time left in the cycle imo pic.twitter.com/G8NWFNxVKp

— Miles Deutscher (@milesdeutscher) February 23, 2025

Gladiator, another notable trader, observed a bullish pennant forming on Bitcoin’s weekly chart.

“This might require another month to break out, but when it does, I’ll be prepared,” the trader speculated.

A bullish pennant setup typically signifies a short pause in an upward trend before the price resumes its ascent.

$BTC is developing a notable bull pennant on the weekly chart.

This might take another month to break out, but once it does, I will be ready.

I am fully invested in $MSTR.

When $BTC breaks this bullish flag, it’s going to get interesting.

$MSTR will end this year above… pic.twitter.com/f4ygqDszxf

— Gladiator (@GladiatorMSTR) February 24, 2025

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