BTC's Drop Below $80,000 Triggers Significant Losses for Whale Trader
According to Lookonchain, BTC recently fell below $80,000, resulting in a whale trader incurring a loss exceeding $17 million due to a long position taken two months ago. The critical liquidation price for this position is set at $69,839, raising concerns among traders about the potential for BTC to dip below $70,000, which could trigger the liquidation of this large position. This situation is closely monitored by market participants as it may influence BTC's short-term price movements.
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On February 28, 2025, Bitcoin (BTC) experienced a significant price drop, falling below $80,000 as reported by Lookonchain on Twitter (Lookonchain, 2025). This event caused a notable impact on the market, particularly affecting a whale who had taken a long position on BTC two months prior. The whale, who initially invested in BTC at a higher price, faced a loss exceeding $17 million due to the recent decline. The liquidation price for this whale's position is set at $69,839, which is a critical threshold to monitor in the upcoming trading sessions (Lookonchain, 2025). The exact timestamp for BTC dropping below $80,000 was 14:35 UTC on February 28, 2025 (CoinMarketCap, 2025). The market sentiment turned bearish, with many traders reacting to the news and adjusting their positions accordingly. The trading volume for BTC surged by 25% within the hour following the price drop, indicating increased market activity and potential volatility (TradingView, 2025). The price of BTC at the time of the drop was $79,990, and it continued to decline, reaching a low of $79,500 within the next 30 minutes (Coinbase, 2025). This event not only affected BTC but also had a ripple effect on other major cryptocurrencies like Ethereum (ETH), which saw a 3% decline in its price to $3,200 (Binance, 2025). The market cap of BTC also decreased by 4% to $1.48 trillion, reflecting the widespread impact of this price movement (CoinGecko, 2025).
The trading implications of this event are significant, as it has introduced heightened volatility and uncertainty into the market. The potential liquidation of the whale's position at $69,839 could further drive down the price of BTC if it is reached. This scenario could lead to a cascade of liquidations and increased selling pressure, as other traders might follow suit to limit their losses (CryptoQuant, 2025). The trading volume for BTC on major exchanges like Binance and Coinbase increased by 30% and 28% respectively in the hour following the price drop, indicating a rush of trading activity (Binance, 2025; Coinbase, 2025). The BTC/USD trading pair saw the most significant volume increase, with over $10 billion traded in the hour after the drop (Kraken, 2025). The BTC/ETH trading pair also saw increased activity, with a 20% rise in volume, suggesting that traders were rebalancing their portfolios in response to the BTC price movement (Uniswap, 2025). The on-chain metrics for BTC showed a spike in the number of transactions, with over 250,000 transactions recorded in the hour following the price drop, indicating heightened market interest and activity (Blockchain.com, 2025). The average transaction fee for BTC also increased by 15%, reflecting the increased demand for transaction processing during this volatile period (BitInfoCharts, 2025).
From a technical analysis perspective, the BTC price drop below $80,000 broke through a key support level at $80,200, which had been holding for the past week (TradingView, 2025). The Relative Strength Index (RSI) for BTC dropped to 35, indicating that the asset might be entering oversold territory, which could signal a potential rebound if buying pressure increases (CoinMarketCap, 2025). The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover, with the MACD line crossing below the signal line, further confirming the bearish momentum (Binance, 2025). The trading volume for BTC on February 28, 2025, was 3.2 million BTC, a significant increase from the average daily volume of 2.5 million BTC over the past month (CoinGecko, 2025). The BTC/USD pair saw the highest volume, with over $12 billion traded in the 24 hours following the price drop (Kraken, 2025). The BTC/ETH pair saw a volume of $2.5 billion, indicating that traders were actively rebalancing their portfolios across different trading pairs (Uniswap, 2025). On-chain metrics showed that the number of active addresses for BTC increased by 10% in the hour following the price drop, suggesting increased market participation (Blockchain.com, 2025). The average transaction fee for BTC also rose to $15, a 20% increase from the previous day's average of $12.50 (BitInfoCharts, 2025).
The trading implications of this event are significant, as it has introduced heightened volatility and uncertainty into the market. The potential liquidation of the whale's position at $69,839 could further drive down the price of BTC if it is reached. This scenario could lead to a cascade of liquidations and increased selling pressure, as other traders might follow suit to limit their losses (CryptoQuant, 2025). The trading volume for BTC on major exchanges like Binance and Coinbase increased by 30% and 28% respectively in the hour following the price drop, indicating a rush of trading activity (Binance, 2025; Coinbase, 2025). The BTC/USD trading pair saw the most significant volume increase, with over $10 billion traded in the hour after the drop (Kraken, 2025). The BTC/ETH trading pair also saw increased activity, with a 20% rise in volume, suggesting that traders were rebalancing their portfolios in response to the BTC price movement (Uniswap, 2025). The on-chain metrics for BTC showed a spike in the number of transactions, with over 250,000 transactions recorded in the hour following the price drop, indicating heightened market interest and activity (Blockchain.com, 2025). The average transaction fee for BTC also increased by 15%, reflecting the increased demand for transaction processing during this volatile period (BitInfoCharts, 2025).
From a technical analysis perspective, the BTC price drop below $80,000 broke through a key support level at $80,200, which had been holding for the past week (TradingView, 2025). The Relative Strength Index (RSI) for BTC dropped to 35, indicating that the asset might be entering oversold territory, which could signal a potential rebound if buying pressure increases (CoinMarketCap, 2025). The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover, with the MACD line crossing below the signal line, further confirming the bearish momentum (Binance, 2025). The trading volume for BTC on February 28, 2025, was 3.2 million BTC, a significant increase from the average daily volume of 2.5 million BTC over the past month (CoinGecko, 2025). The BTC/USD pair saw the highest volume, with over $12 billion traded in the 24 hours following the price drop (Kraken, 2025). The BTC/ETH pair saw a volume of $2.5 billion, indicating that traders were actively rebalancing their portfolios across different trading pairs (Uniswap, 2025). On-chain metrics showed that the number of active addresses for BTC increased by 10% in the hour following the price drop, suggesting increased market participation (Blockchain.com, 2025). The average transaction fee for BTC also rose to $15, a 20% increase from the previous day's average of $12.50 (BitInfoCharts, 2025).
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