The cyber attack on ByBit which led to the loss of $1.5 billion on Feb.21, 2025, has caused a severe shake up in the crypto market. Following the hack which is now the “largest crypto hack in history,” top cryptocurrencies including Bitcoin and altcoins witnessed substantial price corrections. BTC’s price, for instance, fell from $98,000 down to $95,000 within just four hours.
Additionally, the Total Crypto Market Cap experienced a substantial decrease from $3.23T to a lower point at $3.08T as Bitcoin and most crypto tokens dipped. The total crypto market cap has however shown signs of recovery with the market cap growing to $3.14 Trillion today.
BTC is currently consolidating between $95,780 and $96,976 with strong resistance existing near the $97,756 price level. The price of BTC could pump all the way up to the significant $100K threshold if it breaks past the current resistance.
🚨 The crypto market is in a consolidation phase. $BTC is stuck in what traders call a “chop zone”—sideways movement that leaves everyone antsy for direction. But when #Bitcoin stalls, something big happens!!
Do you know what it is? pic.twitter.com/myLhcBkEoE
— Marzell (@MarzellCrypto) February 23, 2025
BTC’s DMI Depicts Consolidation But Bulls Could Regain Strength
Directional Movement Index (DMI) functions as an indicator to evaluate market direction and reveals existing market strength. This metric is made up of three metrics; the ADX, +D and -D. Currently, the Average Directional Index (ADA) of BTC stands at 21.31. This is a slight increase from yesterday’s reading of 21.2.
ADX is used to indicate the strength of the trend irrespective of the direction. An ADX value exceeding 25 shows strength in the direction of the mark while it becomes weak below if DMI falls below 20. Currently, there is weak directional momentum because the ADX indicator is in the low-strength area.
The current BTC +DI (Positive Directional Indicator) as shown by the blue line reads 14.96. This is a slight drop from the previously recorded at 15.5 value on Feb. 22, 2025. Decreasing +D value indicates that bullish momentum is becoming weak.
Additionally, the -DI indicator indicated by the red line is at 11.35 which is way below yesterday’s value which stood at 21.9. This represents diminishing bearish momentum hence sellers appear to have lost their strength. Looking at the crossover between the +D (blue line) and the -D (red line), the +D is above the -D which shows that bulls could regain their strength in the near future.
BTC is trading at $96,230.10 showing ongoing consolidation. This is because neither buyers nor sellers have control in the current market. However, clear directional movement could appear when the ADX indicator exceeds 25, confirming either a downtrend or an uptrend.
Whales Continue Accumulating Bitcoin Fueling Potential For $100K Price Mark
BTC whales are accumulating Bitcoin like never before based on a post by Crypto Rover. According to data on CryptoQuant, new whale investors are adding to their BTC holdings compared to the old whales. This accumulation spree is often associated with strong demand which could fuel the price of BTC to and past $100K.
However, there’s so much uncertainty prevailing in the market. BTC should thus break above the key resistance level around $97,756. Doing so could push the price above the psychological mark if whale and institutional interest continues to rise.
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