Bitcoin Drops Below $95K Amid Market Correction

Bitcoin (BTC) has experienced a decline below the $95,000 mark, raising concerns about a potential further drop amid the ongoing market correction. As February draws to a close, analysts suggest that the leading cryptocurrency needs to reclaim certain crucial levels to maintain its bullish long-term trend.

Over the past three days, Bitcoin has fallen below key levels, dropping by 5.7% from its Friday highs. The largest crypto by market capitalization briefly traded above the $99,000 mark for the first time in two weeks following the news of the US Securities and Exchange Commission's withdrawal of its crypto case against Coinbase. However, the positive sentiment was short-lived as Bybit, one of the world's largest crypto exchanges, suffered a $1.5 billion hack involving around 401,347 ETH. Consequently, most cryptocurrencies, including Bitcoin, lost their momentary gains.

Since then, Bitcoin has been hovering between the $95,000 and $96,000 zone, briefly approaching the $97,000 resistance on Saturday. On Monday, the correction continued, with BTC dropping below $95,000 and hitting its one-week low at $93,800. Analyst Jelle noted that Bitcoin has been retracing from its early Monday recoveries every week after the US market opens, leading to a red Monday close on several occasions in the past few months.

Despite these retraces and recent market corrections, Bitcoin has remained within its post-election range since November, displaying minimal volatility. BTC has been hovering between the $96,000-$102,000 mid-zone of the range for most of this period. Altcoin Sherpa pointed out that, excluding February 18, Bitcoin has not closed below its daily support zone in over a month, indicating that BTC needs to close above $95,700 to continue holding this crucial level.

Meanwhile, Rekt Capital highlighted that BTC needs a monthly close above $96,000 to continue its bullish long-term trend. In January, the largest crypto registered a historic candle after closing the month above the $100,000 mark for the first time. This close confirmed Bitcoin's breakout from its post-election monthly bull flag. However, the