February is typically a bullish month when compared to previous cycles. However, this February is deep in the red so far. With three weeks left in the month, will the trend reverse, or is this year an exception? Let’s find out together.
7 Days Heatmap
After dropping below the $100,000 mark, BTC has entered a correction phase, ending the week down 7.58%. This decline dragged the entire crypto market lower, with ETH recording a 3.85% loss for the week.
BTC Analysis
In our last BTC update, it remained within a wide range between $91,000 and $110,000. The key question now is whether this range represents a distribution phase or a continuation pattern.
A breakout above $110,000 would confirm a bullish continuation, signaling further upside momentum.
Conversely, if BTC loses the $91,000 level, it would trigger a distribution phase, leading to a deeper bearish correction toward the $77,000 demand zone.
Meanwhile, as BTC approaches the $91,000 support level, we will be looking for short-term long opportunities, targeting the upper bound of the range.
ETH Analysis
In last week’s market outlook, ETH formed a massive wick toward the $2,100 support level.
Typically, price action tends to retest and fill 50% of such wicks, which aligns perfectly with the $2,500 round number and support level.
Meanwhile, as ETH retests the $2,500 support level, we will be looking for short-term long opportunities, targeting the $3,000 mark.
Quote of the week
I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.
~ Tom Basso
Closing Remarks
In summary, February started in the red despite its historically bullish trend. BTC dropped below $100,000, ending the week down 7.58%, dragging the crypto market lower, with ETH losing 3.85%.
BTC remains in a range between $91,000 and $110,000. A breakout above $110,000 signals bullish continuation, while losing $91,000 could lead to a drop toward $77,000. Short-term longs are in focus near support.
ETH, after wicking to $2,100, is expected to retest $2,500. If support holds, a move toward $3,000 is the key target.
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