Key facts: Bitcoin drops to $63,000; bullish signals emerge for recovery
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Bitcoin fell from $68,000 to $63,000 on February 28, losing 8% in one day. A weekend sell-off liquidated over $200 million in long positions, causing a $72 billion market loss.
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Bitcoin (BTCUSD) has broken above $71,500 with rising volume, targeting $74,000 and possibly $78,000. A drop below $64,000 could invalidate this trend, with support near $60,000.
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Analysts indicate Bitcoin may be in a bullish phase, backed by on-chain signals. The Hash Ribbon metric shows a bottom after a three-month miner capitulation, often linked to price recoveries.
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source: https://www.tradingview.com/news/tradingview:baa467609f63d:0-key-facts-bitcoin-drops-to-63-000-bullish-signals-emerge-for-recovery/
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