The cryptocurrency market has experienced another downturn, with top cryptocurrencies Bitcoin and Ethereum facing challenges in sustaining their momentum. Currently, the Bitcoin (BTC) price is around the significant $95k mark while Ethereum (ETH) is struggling to surge past $2,800.
Notably, the recent crypto market downturn, with a 1.65% drop in total market cap to $3.15 trillion, is largely attributed to major security breaches like the Bybit and Infini hacks. However, analysts and enthusiasts are confident that these cryptocurrencies will bounce back once the hacked funds are recovered.
Bitcoin and Ethereum Prices See Deep Declines Today: What’s Happening?
As of press time, Bitcoin is trading at $95,896, with a daily decline of 0.64% and a 7-day dip of 0.25%. At the same time, Ethereum price is at $2,725, marking a decrease of 3.50% over the last 24 hours despite a marginal surge of 1.46% in a week. In the last 30 days, both tokens have suffered significant losses, with declines of 8.8% and 17.16%.
Despite the current dip, analysts remain bullish about these tokens’ future performances. For instance, a technical analyst known on X as CarefreecryptoG shared a bullish analysis in a recent X post, predicting that this week is interesting for BTC. Identifying the formation of a symmetrical triangle in the 1 hour-BTC chart, the analyst pinpointed Bitcoin price’s possible breakout.
Meanwhile, analyst Crypto Rover presented a bullish chart for ETH, predicting its potential ascendance to a new all-time high. While Ethereum price held the legendary support line, the token has the potential to reach a new high of $9,000.
Will February be Red or Green for Bitcoin Price?
According to analyst CryptosRus, February is typically a bullish month for Bitcoin price, with historical data showing significant gains in most years, except 2014 and 2020. However, this February has been a different story, with BTC price currently posting a 6.41% loss.
February is typically a green month for Bitcoin – However, to avoid becoming the third red February in history, $BTC needs to close the month higher than $102,500 pic.twitter.com/yv1DjfWUNn
— CryptosRus (@CryptosR_Us) February 23, 2025
Nevertheless, CryptosRus suggests that February could turn green if BTC closes the month above $102,500. The post read, “To avoid becoming the third red February in history, BTC needs to close the month higher than $102,500.”
Ethereum Price to Go Parabolic in 2025 Q1
Coinvo, a crypto investor and trader, argued that Ethereum price is set for a parabolic ride during this quarter. According to past trends, Ethereum tends to experience extraordinary growth in the first quarter of every fourth year.
Specifically, in Q1 2017, Ethereum saw a 58.14% return, followed by a staggering 160.7% return in Q1 2021. Although Ethereum is currently down 17%, Coinvo believes it can rebound and yield substantial returns by the end of the quarter. Ethereum is poised to mirror Bitcoin price’s historical February rally, with a potential bullish resurgence on the horizon.
What’s Behind the Crypto Downturn? Analyzing BTC and ETH’s Bearish Trends
The recent Bybit hack, which resulted in a loss of $1.4 billion in ETH, has had a critical impact on the crypto market, pulling down prices. Though Bybit CEO Ben Zhou announced the complete recovery of the lost funds, the market struggles to rebound.
Significantly, the subsequent Infini hack has also contributed to the current downtrend. Following the Bybit hack, the neobank Infini experienced a breach, resulting in a theft of $49.5 million in USDC. After the confirmation of the crypto heist, Inifini founder Christian Li assured complete compensation.
The crypto market, including Bitcoin and Ethereum prices, continues to struggle, with prices still in the red. It remains to be seen when a recovery will take hold.
The post Why Bitcoin and Ethereum Price Are Falling Today? appeared first on CoinGape.
