Bitcoin experienced a significant drop, falling 25% from its January peak. This decline, the steepest since the FTX collapse in 2022, reflects a typical bull-market correction. Historically, bitcoin has seen corrections of up to 35%. The recent market movement follows a period of tight trading, with bitcoin bouncing off its 200-day moving average at around $81,800. Short-term holders, those holding for 155 days or less, are selling at the highest rate since August, indicating market capitulation. Despite the downturn, positive developments include Core Scientific’s expansion deal and MARA Holdings reporting strong earnings, with both stocks rising over 10% before the market opened. Meanwhile, NVIDIA’s fourth-quarter results exceeded expectations, providing some relief to investors.
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