Bitcoin Drops Below $90K, Bears Gain Edge

Bitcoin (BTC) price dropped into the $85,000 region on Feb. 26, signaling that the crypto market is not yet out of the woods. The break below the $90,000 support on Feb. 25 tilted the advantage in favor of the bears, triggering $937.9 million in outflows from the US spot Bitcoin exchange-traded funds. Traders are questioning whether Bitcoin has topped out or if the current fall is merely a pullback in a solid uptrend. Binance CEO Richard Teng said in a post on X that the current pullback was a "tactical retreat" and "not a reversal," adding that crypto markets bounce back sharply after such corrections.

Analysts remain bullish for the long term, but traders need to be careful in the short term. If the $85,000 support cracks, Bitcoin risks $1 billion worth of liquidations of leveraged long positions across all exchanges, per CoinGlass data. The question remains: will Bitcoin recover from $85,000, or will the level break down? How are the altcoins positioned? Let's analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin collapsed below the $90,000 support on Feb. 25, completing a bearish double-top pattern. This setup has a target objective of $70,412. However, the bulls are unlikely to give up easily. The oversold level on the relative strength index (RSI) signals a possible relief rally in the near term. Any bounce is likely to face solid selling at $90,000. If the price turns down sharply from $90,000, it suggests that the bears have flipped the level into support, increasing the risk of a fall to $73,777. Time is running out for the bulls. If they want to make a comeback, they will have to swiftly push the BTC/USDT pair back above $90,000. The 20-day exponential moving average ($95,194) may again pose a challenge, but if the bulls prevail, it will signal that the correction may be over.

Ether price analysis

Ether (