The cryptocurrency market is experiencing a significant downturn on February 28, with Bitcoin (BTC) slipping below the critical $80,000 threshold. This marks the first time since November 2024 that BTC has traded under this psychological support level, signaling growing uncertainty among investors. The broader digital asset ecosystem is also under pressure, with major altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) recording double-digit percentage losses over the past 24 hours.
At the time of writing, the global crypto market cap stands at $2.67 trillion, reflecting a 4.36% decline in just one day. The Market Fear & Greed Index has dropped to 21 — indicating “Fear” — a clear sign that traders are adopting a risk-off stance amid rising macroeconomic tensions and institutional selling activity.
What’s Causing the Crypto Market Downturn?
Several interrelated factors are contributing to the current bearish sentiment in the crypto space:
- Geopolitical tensions and trade policies: Former U.S. President Donald Trump’s renewed rhetoric around aggressive tariff policies has sparked concerns about global economic stability. These macro fears have spilled over into risk-sensitive assets like cryptocurrencies.
- Institutional sell-offs: Reports suggest that major financial players, including BlackRock, have been offloading substantial positions in both Bitcoin and Ethereum. Such large-scale exits can trigger cascading liquidations and weaken market structure.
- Security breaches and market confidence: A recent $1.5 billion hack at Bybit has further shaken investor trust. Although exchange-level risks are not directly tied to blockchain fundamentals, high-profile security incidents often lead to short-term panic selling.
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Bitcoin Price Analysis: Key Levels to Watch
Bitcoin is currently trading at $80,415.94, down 5.01% over the past 24 hours according to CoinMarketCap data. In Indian rupees, BTC is valued at approximately ₹82.79 lakh.
Despite brief attempts to stabilize near $86,000, bulls have failed to reclaim control. Technical analysts point to strong resistance forming between **$86,000 and $88,000**, while immediate support rests around **$80,300**.
Should selling pressure intensify, the next major support zone lies near $73,000, as highlighted by the CoinSwitch Markets Desk. If macroeconomic conditions fail to improve, this level could be tested sooner than expected.
Sathvik Vishwanath of Unocoin noted:
“Short-term indicators show mixed signals — RSI at 30 suggests oversold conditions, while MACD remains negative, pointing to ongoing bearish momentum. However, this could also present strategic buying opportunities for long-term investors.”
Ethereum and Major Altcoins in Red
The downturn isn’t isolated to Bitcoin. Nearly all major altcoins are trading in the red:
Ethereum (ETH)
ETH has fallen to $2,136.62, marking a 7.58% drop in 24 hours. In India, Ethereum trades at ₹2.35 lakh. The network recently hit a yearlong low, reflecting broader market pessimism.
Solana (SOL)
Solana dropped to $127.73, down 7.08%. Once seen as a high-growth smart contract platform, SOL is now struggling to hold above key technical supports.
Ripple (XRP)
XRP slipped to $2.02, registering a 6.93% loss. Despite ongoing developments in its legal battle with the SEC, market sentiment remains weak.
Dogecoin (DOGE)
DOGE is trading at $0.1904, down 7.44% over the past day. Its Indian price stands at ₹20.07.
Litecoin (LTC)
In contrast, Litecoin showed relative strength, edging up 0.43% to **$122.80** (₹10,682.47 in India). Bulls are actively defending the $120 support level, raising hopes for a potential rebound.
Top Gainers and Losers of the Day
Even during broad sell-offs, some tokens manage to outperform — often due to project-specific developments or speculative trading.
Top Gainers (February 28)
- Berachain (BERA): Up 3.08% to $7.65
- UNUS SED LEO (LEO): Gained 1.53% to $9.21
- Mantra (OM): Rose 0.48% to $7.27
Berachain’s gains may stem from growing interest in its upcoming ecosystem launch on the Cosmos network.
Top Losers (February 28)
- Story (IP): Down 15.41% to $5.72
- Official Trump (TRUMP): Fell 14.40% to $11.40
- Raydium (RAY): Lost 14.30%
- Bittensor (TAO): Dropped 13.82%
- Virtuals Protocol (VIRTUAL): Slipped 13.64%
The sharp decline in meme coins like TRUMP reflects sensitivity to political narratives and regulatory uncertainty.
Expert Insights: Is This a Buying Opportunity?
Market experts remain divided on whether the current dip represents a short-term correction or the start of a deeper bear cycle.
Alankar Saxena of Mudrex said:
“While institutions like Standard Chartered project BTC reaching $500K by the end of Trump’s term, current price action shows bears in control. Texas’s approval of a Bitcoin Reserve signals strong governmental backing — but sentiment hasn’t caught up yet.”
Avinash Shekhar of Pi42 emphasized liquidity shocks:
“A massive $106 million in long positions were liquidated when BTC briefly hit $81,000 — a classic sign of market fragility.”
Shivam Thakral of BuyUcoin offered a balanced view:
“This volatility highlights the importance of adaptability. While some assets crash, others like PI Coin show resilience — proving opportunities still exist.”
CoinDCX Research added:
“Litecoin’s ability to hold above $120 suggests underlying strength. Meanwhile, institutional selling continues to weigh on BTC and ETH.”
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Frequently Asked Questions (FAQ)
Why is Bitcoin down today?
Bitcoin is declining due to a combination of macroeconomic fears (including Trump-era tariff tensions), institutional sell-offs by firms like BlackRock, and reduced investor confidence following high-profile exchange hacks.
Is Bitcoin below $80,000 for the first time since November?
Yes — BTC briefly dipped below $80,000 for the first time since its breakout in November 2024, marking a key psychological shift in market sentiment.
What is the next support level for Bitcoin?
Analysts identify the next major support zone around $73,000. If selling pressure persists and macro conditions worsen, this level could be tested in the coming weeks.
Are altcoins also falling?
Yes — nearly all major altcoins are down sharply, with ETH, SOL, XRP, and DOGE each losing over 6%. Only a few niche tokens like BERA and OM are showing gains.
Could this be a good time to buy?
Some experts suggest this may present long-term buying opportunities, especially if BTC stabilizes above $73K. However, short-term volatility remains high.
How do geopolitical events affect crypto prices?
Cryptocurrencies are increasingly correlated with global risk assets. Trade wars, political instability, and monetary policy shifts can trigger sell-offs in equities and crypto alike.
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Final Thoughts: Navigating Uncertainty
While the crypto market faces headwinds from multiple fronts — regulatory scrutiny, geopolitical noise, and technical breakdowns — underlying adoption trends remain strong. Government actions like Texas’s Bitcoin Reserve proposal signal growing recognition of digital assets as strategic holdings.
For investors, this environment underscores the need for disciplined risk management, portfolio diversification, and reliance on trusted platforms for secure transactions.
As volatility persists, staying informed and agile will be key to navigating the next phase of the crypto cycle.
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