Bitcoin (BTC) has faced significant downward pressure over the past week, with its price falling below $90,000 for the first time since November 2024. It is down 11% in the last seven days and is currently trading near a critical resistance level of $85,985.

Technical indicators are showing predominantly bearish signals. The red cloud is positioned above the current price action and widening slightly, indicating increasing bearish momentum. Despite this short-term weakness, some analysts point to potential signs of recovery as short-term EMA lines begin to trend upward.

Bitcoin Ichimoku Cloud Shows a Bearish Setup

The Ichimoku Cloud for Bitcoin shows a predominantly bearish sentiment. The red cloud (Kumo) is positioned above the current price action, signaling a resistance zone that BTC would need to break through to reverse the trend. The cloud is also widening slightly, indicating increasing bearish momentum.

The Leading Span A (green line) is below the Leading Span B (red line), further confirming the bearish outlook. Additionally, the price is trading below both the blue Tenkan-sen (conversion line) and the red Kijun-sen (baseline), suggesting that the short-term trend is still under downward pressure.

The Tenkan-sen has started to flatten out, which typically indicates a pause or consolidation in the downtrend. However, it remains below the Kijun-sen, reinforcing the bearish bias.

The green Chikou Span (lagging line) is below the price action and the cloud, supporting the continuation of the bearish trend. Overall, unless BTC can push through the cloud resistance and the Tenkan-sen crosses above the Kijun-sen, the bearish momentum is likely to persist.

BTC Whales Are Going Down In the Last 5 Days

The number of Bitcoin whales, defined as addresses holding at least 1,000 BTC, demonstrated steady growth until reaching a peak of 2,054 on February 22.

Since that high point, however, the metric has begun to decline, with the current count standing at 2,042 whale addresses.

Tracking these large holders is crucial for market participants, as whales possess significant market-moving power. Their accumulation or distribution patterns often precede major price movements, and their concentration levels provide insight into Bitcoin’s wealth distribution and overall network health.

The recent decline in whale addresses could signal short-term selling pressure, as these large holders may be taking profits or redistributing their holdings across multiple wallets for security purposes, potentially contributing to price volatility or downward pressure in the near term.

Despite this recent decrease, it’s important to note that the current whale count of 2,042 remains historically elevated compared to previous years, suggesting continued strong institutional and high-net-worth individual interest in Bitcoin as a long-term store of value. According to Tracy Jin, COO of MEXC:

“The long-term trend remains unchanged: institutional demand and the development of Bitcoin infrastructure, including ETFs and new investment products, continue to strengthen its position. However, the short-term outlook remains under pressure: the market is going through a phase of liquidation of excess leverage and a decrease in risk appetite.The market is going through a phase of liquidation of excess leverage and a decrease in risk appetite, but this is beneficial for BTC’s long-term healthy development,” Jin told BeInCrypto.

Will Bitcoin Recover Levels Above $90,000?

Bitcoin currently has a significant resistance level at $85,985. A failure to maintain this support could trigger a downward movement toward the $82,000 range, continuing the current correction.

The proximity to this resistance level has created heightened tension among traders who are carefully watching for signs of direction in this volatile market.

Despite the current bearish configuration of Bitcoin’s Exponential Moving Average (EMA) lines, with short-term indicators positioned below their long-term counterparts, there are emerging signs of potential optimism.

“Despite the current decline, Bitcoin’s long-term trajectory remains strong. Institutional players continue to increase their positions in BTC, and the development of Bitcoin infrastructure (including new ETFs and payment solutions) only strengthens its status as digital gold. In the short term, the price needs to recover above $96,000-$100,000, which will confirm the market’s readiness for new growth. If the pressure persists, the market may enter a phase of a deeper correction.”
Maria Carola, CEO of StealthEx.

The upward trajectory of the short-term EMA lines suggests a possible trend reversal in the near future. If this bullish crossover materializes, Bitcoin price could gain momentum to challenge the resistance at $93,000.

A breakthrough at this level might propel prices toward the next significant target of $96,375, potentially signaling the resumption of the broader uptrend that has characterized much of Bitcoin’s recent performance.

According to Cyvers report, Mask Network founder Suji Yan’s account has been hacked. A suspicious address received nearly $4 million in digital assets before the funds were immediately swapped to ETH and distributed across six different addresses.

Mask Network’s native token, MASK, has been nearly 50% down in the past three months, and this incident could further impact its price. 

Hackers Target Mask Network Founder

The breach involved a complex mix of tokens. The suspicious address collected 113 ETH, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDT, and 15 swETH. 

Reports from Web3 security firm Cyvers reflect that the hack unfolded rapidly. Following the initial acquisition of nearly $4 million worth of cryptocurrency, the hackers converted the stolen assets to ETH. 

The ETH was then dispersed evenly to six separate addresses, a maneuver likely intended to obscure the money trail and complicate efforts to trace the funds.

“Our system has identified a suspicious $4 million transfer linked to an address associated with Suji Ya, founder of Mask Network. The stolen assets were swiftly converted to ETH and dispersed across multiple addresses, indicating a well-coordinated laundering attempt. This incident underscores the increasing sophistication of threat actors in the Web3 space and highlights the urgent need for real-time transaction monitoring, preemptive prevention, and rapid incident response,” Meir Dolev, Co-founder & CTO at Cyvers told BeInCrypto. 

Mask Network, which bridges mainstream social media with blockchain technology, has yet to release an official statement confirming the hack. 

However, the founder, Suji Yan, has confirmed the hack on his social media. According to him, the hack is likely to have occurred at his birthday party yesterday. Yan alluded to the idea of an offline attack, as he was away from his phone for a few moments during the party.

Overall, Yan confirmed that the funds were transferred manually from his wallet. More details are yet to be revealed.

“6 hours ago, I turned 29. About 3 hours ago, $4 million was stolen from one of my public wallets. All of the stolen transactions appear to have been manually transferred and lasted for more than 11 minutes. So, either my private keys were compromised on my birthday and the hacker manually moved the funds, or this could have been an offline attack. I was at a private party with a dozen friends and my phone was away from me for a few minutes, like when I went to the bathroom. I trusted my friends, but this situation is a nightmare for anyone,” Yan wrote on X (formerly Twitter).

Crypto hacks and scams have massively increased in the first two months of 2025. Last week, North Korea’s Lazarus Group carried out the biggest hack in crypto history, the Bybit attack.

At the same time, several high-profile social media accounts are almost regularly being hacked to promote fake meme coins. The latest incident is part of this growing trend that has been plaguing the industry. 

Bybit has secured an in-principle approval (IPA) from the United Arab Emirates’ Securities & Commodities Authority (SCA) to establish itself as a Virtual Asset Platform Operator in the region.

The development marks a major step toward Bybit obtaining a full operational license.

Bybit to Establish Virtual Asset Platform in the UAE

This authorization moves Bybit closer to offering a broad range of digital asset services to retail and institutional clients in the UAE. It follows its existing regulatory approvals in the Middle East, further solidifying its commitment to compliance in key financial hubs.

Bybit’s co-founder and CEO, Ben Zhou, expressed optimism regarding the IPA and demonstrated optimism for full operational approval from the SCA in the statement. 

“We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions,” Zhou shared in the announcement.

Meanwhile, this development reflects the UAE’s ongoing efforts to position itself as a crypto and blockchain innovation leader. Bybit’s regulatory progress aligns with the UAE’s forward-thinking stance on digital assets, ensuring a compliant and secure retail and institutional investors trading environment.

Bybit’s expansion in the UAE follows a similar development in India earlier this month. The exchange successfully registered with India’s Financial Intelligence Unit (FIU). This allowed it to resume full operations after a temporary suspension due to compliance issues.

“Big News! Bybit is officially registered with the FIU-IND and making strides in the Indian market! We’re thrilled to expand our presence in India, and this registration marks a huge milestone,” the announcement read.

Reportedly, Bybit Exchange paid a $1.06 million fine for previously operating without proper registration. It has since aligned with Indian regulatory standards.

Notably, the company confirmed that all services for existing users in India will be restored as of February 25. Further, the onboarding of new users will resume gradually.

Despite its regulatory progress in the UAE and India, Bybit faces scrutiny in Japan. In February, Japan’s Financial Services Agency (FSA) urged major app stores to delist Bybit and other unregistered crypto exchanges.

The FSA cited concerns over unlicensed operations and potential risks to investors, reinforcing Japan’s stringent approach to crypto regulation.

Beyond regulatory developments, Bybit remains in the headlines after a significant security breach. As beInCrypto reported, over $1.4 billion was withdrawn from its platform. Investigations suggest North Korea’s Lazarus Group was responsible for the attack, further intensifying concerns about security vulnerabilities in centralized exchanges (CEXs).

Despite the breach, Bybit reassured users that all funds remained secure and fully backed. The exchange launched a crisis management strategy, offering a $140 million bounty to track down exploiters and recover stolen assets. However, subsequent reports indicate that Safe Wallets’ system was the weak link, not Bybit’s internal system.

The incident highlights the importance of understanding the risks of crypto wallet security, especially for firms handling large amounts of customer funds.