An analyst known as Lofty argues that Bitcoin's recent jump above the $70k resistance to around $71k and then $73k resembles a 2022 bull trap pattern that preceded a steep decline. He claims the largest cryptocurrency could retreat to $45k within 12 days, although other observers view such a deep correction as unlikely and note that even a pullback toward $65k could still qualify as a trap.

On February 28, 2026, Bitcoin derivatives sell volume spiked by $1.8 billion within one hour, according to CryptoQuant, following U.S. strikes on Iran. Analyst Sweep warned the conflict could trigger one of the largest BTC supply events, even as spot prices rebounded to around $66.4k and briefly touched $68k earlier yesterday.

Google Trends data indicates that searches for Buy Bitcoin have surged to their highest level in roughly five years, with interest peaking around February 22. The spike arrives as BTC has fallen 45% over the past four months and dropped as much as 52.15% from its $126.5k ATH before rebounding to about $68k, up 4.5% in 24 hours.

Google data shows that searches for "Bitcoin is Dead" have surged to a record reading of 100 on a relative scale, alongside multi‑year highs for phrases about Bitcoin going to zero. While Bitcoin trades around $68k following a 47% decline since October 2025, some analysts view this spike in pessimistic search interest as a sign of a possible long‑term market bottom, though they do not expect an immediate reversal.

Peter Schiff, chairman of Schiff Gold, tweeted yesterday that Bitcoin may slide toward $20,000 if its long-term $50k support gives way. On February 12, he said the cryptocurrency's "initial support" was around $10k. At press time, Bitcoin was near $68k after a failed move above $70k.

CryptoQuant data shows that over the past 13 months, centralized exchanges have recorded a cumulative $209 billion imbalance favoring altcoin sell orders, while Bitcoin trades around 68.8K. An analyst argues this persistent pressure, despite spot ETFs for assets like XRP and SOL, signals structural weakness and a lack of institutional accumulation rather than a brief market dip.

Earlier in Asian and other global markets, major cryptocurrencies such as Bitcoin, Ethereum, Solana, Cardano, BNB and XRP traded under pressure following Coinbase's reported $667 million loss for the final quarter of 2025. Bitcoin briefly dropped toward $65k before rebounding to around $67k, while Standard Chartered projected a potential short-term decline to $50k ahead of a possible recovery to $100k by year-end.

Bitcoin is forming a major liquidity cluster between the $72,000–$80,000 range, with an additional notable cluster near $67,000–$68,000. Current price action around $68,500 suggests bears still dominate, but liquidation data indicates short positions in the higher band could face pressure if bulls drive a short-term recovery.

Investment firm River reported that over 60% of the 25 largest U.S. banks now offer Bitcoin custody or trading services, with institutions such as JPMorgan Chase, Citigroup, Goldman Sachs, Wells Fargo, BNY Mellon, and Morgan Stanley involved. As banks expand Bitcoin access mainly for high-net-worth clients, they remain in conflict with crypto exchanges over the CLARITY Act, which the U.S. Senate is scheduled to vote on January 29.