Bitcoin's Wild Ride: From $85K to $78K, Bulls Eye Range Building

Bitcoin's recent price movements have left traders wondering about its next move: is it a bear trap, the bottom, or an oversold bounce? On Feb. 28, Bitcoin (BTC) briefly touched $85,000, raising hopes that a bottom might be in sight. However, BTC struggled to secure a higher high candlestick for the daily close, casting doubt on this possibility.

Data from TRDR.io shows that Bitcoin received a strong spot bid at Coinbase as the price fell to a 2025 low at $78,300. However, it remains to be seen whether bulls can provide enough purchasing volume to sustain the current momentum. Crypto trader Magus suggested that the most likely path forward for Bitcoin is range building in the $72,000 to $85,000 range for a number of weeks.

In addition to the absence of strong spot demand, trader Horse added that Bitcoin returns through the weekend could trend down based on traders' interpretation of President Trump's comments throughout the weekend. While the consensus among traders appears to project choppy price action for Bitcoin over the coming weeks, the 29% drawdown from the $110,000 all-time high is not extraordinary for BTC.

Historically, 30% corrections have been par for the course during Bitcoin bull markets, and they have proven to be optimal purchase opportunities. As pointed out by crypto trader 'intern,' Bitcoin price drawdowns during bull markets have been significant, but they have not derailed the overall uptrend.