Bitcoin (BTC) has dropped below $95,000 and risks a further decline amid the ongoing market retrace. As February comes to an end, some analysts consider the flagship crypto needs to reclaim some crucial levels to continue its bullish long-term trend.<\/p>\n
Over the past three days, Bitcoin has seen its price drop below some key levels, dropping 5.7% From Friday\u2019s highs. Amid the news of the US Securities and Exchange Commission\u2019s withdrawal of its crypto case against Coinbase, the largest crypto by market capitalization traded above the $99,000 mark for the first time in two weeks.<\/p>\n
However, the positive sentiment quickly vanished<\/a> after Bybit, one of the largest crypto exchanges in the world, suffered a $1.5 billion hack that took around 401,347 ETH. As a result, most cryptocurrencies, including Bitcoin, lost their momentary gains.<\/p>\n Since then, the flagship crypto has hovered between the $95,000 and $96,000 zone, briefly nearing 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.<\/p>\n As noted by analyst Jelle, Bitcoin continues<\/a> to dump on New York markets opening. Per the post, BTC has been retracing from its early Monday recoveries every week after the US market opens, driving its price to a red Monday close several times in the past few months.<\/p>\n Despite these retraces and the recent market corrections, Bitcoin has remained<\/a> within its post-election range since November, showing minimal volatility. BTC has hovered between the $96,000-$102,000 mid-zone of the range for most of this period.<\/p>\n Amid its recent performance, Altcoin Sherpa pointed<\/a> out that, excluding February 18, Bitcoin has not closed below its daily support zone in over a month, signaling that BTC needs to close above $95,700 to continue holding this crucial level.<\/p>\nBTC Retests Bullish Flag Breakout<\/h2>\n