Crypto market weakness sparks $86K Bitcoin price target next

Bitcoin (BTC) fell below $94,000 at the Feb. 24 Wall Street open analysis eyed “interesting” moves among institutional investors.

Wall Street TWAP buying can’t stop BTC price dip

Data from Cointelegraph Markets Pro and TradingView showed familiar sell pressure accompanying the start of the US trading session.

BTC/USD dropped to $93,833 on Bitstamp, its lowest since Feb. 18, before modestly recovering at the time of writing.

Despite this, trading resource Material Indicators revealed “clear” buying interest from an institutional bot, upping BTC exposure via a large number of smaller transactions — a strategy known as time-weighted average price (TWAP) trading.

“The week is getting off to an interesting start. FireCharts clearly shows BTC Asks with no intention of getting filled, stair stepping down to suppress price,” it wrote in an X post, referencing one of its proprietary trading tools. 

“Meanwhile, the smallest order class (orange) had a TWAP bot aggressively buying $12M in Bitcoin in a 90 minute span on @binance . That may not seem like a big number to you, but it is exponentially larger volume than  the orange class typically trades in a full day, let alone, 90 minutes.”

Popular trader CrypNuevo meanwhile noted that the market had eaten into bid liquidity and should thus experience some short-term relief from the downside.

“Now looking for a reaction from this area without knife catching (need to see a reaction first) or otherwise, I’ll look to long lower at $92.5k,” he told X followers in part of his latest update. 

Fellow trader Nebraskan Gooner warned that further losses could well enter next thanks to weakness on altcoins.

“Typically when altcoins show this much weakness $BTC follows. However it’s been extremely resilient at this key support,” he summarized alongside a chart showing a downside target zone below $90,000. 

“This is still my primary scenario to watch but pending a loss of $95,500 support. would be when I’d have confidence in this playing out.”

Bitcoin running out of time on monthly close

For popular trader and analyst Rekt Capital, the race was on for Bitcoin to consolidate higher before the monthly close.

Related: $90K bull market support retest? 5 things to know in Bitcoin this week

Analyzing the monthly chart, he suggested that several months of rangebound trading needed to be capped with a show of strength.

“The Bitcoin post-breakout retest of the Monthly Bull Flag has been a volatile retest thus far,” he reported.

“Bitcoin will need to Monthly Close above the Bull Flag top to confirm the breakout & set itself up for trend continuation over time. ~$96700 needs to hold.”

BTC/USD was down 6.2% month-to-date at the time of writing, making February 2025 Bitcoin’s weakest since 2020 and one of only two “red” Februaries since 2013.

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.