Bitcoin sets new 3-month low as analyst eyes $93.5K reclaim ‘this week’

Bitcoin (BTC) set new multimonth lows at the Feb. 26 Wall Street open as order book “manipulation” pressured price.

BTC price support pulled in “manipulation”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting $85,341 on Bitstamp.

Circling its lowest levels since mid-November, Bitcoin faced more pressure as hundreds of millions of dollars worth of laundered funds from the Bybit hack continued to move.

Exchange whales added to existing weakness, with trading resource Material Indicators accusing market participants of “manipulation.”

Referencing data from one of its proprietary trading tools, it showed bid liquidity suddenly disappearing from the Binance order book just before the latest drop.

“FireCharts shows another nasty rug pull of bid liquidity as BTC price was testing support,” it wrote in a post on X. 

“This is about as clear of an illustration of what manipulation looks like you are going to find.”

Crypto trader, analyst and entrepreneur Michaël van de Poppe meanwhile hoped that the bulk of the downside was done.

“I mentioned before that this is the area for Bitcoin to hold on. Take liquidity beneath $85K, then basically everything is taken,” he told X followers. 

“It’s a similar story as yesterday: Gold goes down, BTC pairs start to bounce up. Additionally: Lowest point on daily RSI since August ’24.”

Van de Poppe referred to the relative strength index (RSI) indicator, which at the time of writing stood at 28.6 on daily timeframes and 25.9 on 4-hour timeframes, both within the “oversold” zone.

Betting on a Bitcoin rebound after “deviation”

Adopting an optimistic tone, popular trader and analyst Rekt Capital had one BTC price target in particular in mind.

Related: Bitcoin speculators send $7B to exchanges at a loss in BTC price crash

$93,500, he reported in his latest analysis, was now the main upside area to reclaim — something that should occur within several weeks.

“If this deviation is to end up as a downside wick then price could revisit ~$93500 by the end of the week,” part of a corresponding X post explained.

“If this deviation is to end up like the Post-Halving deviation featuring Weekly Candle Closes below the Re-Accumulation range… Then price could revisit ~$93500 as part of a post-breakdown relief rally over the next 2-3 weeks.”

Rekt Capital suggested that BTC price action may be repeating behavior seen after its block subsidy halving event in April last year.

“Each of these scenarios points to a revisit of $93500 at some point, with the revisit occurring as early as end of this week or over the next 2-3 weeks,” he concluded. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.