BTC Builds Base Around $65,000 as Market Braces for ‘Gray Rhino’ Risks

Retail buying of Bitcoin has weakened as the market broadly views the current environment as the early stage of a bear market with no new narrative. MICA said signs of institutional buying remained visible between $65,000 and $67,000, forming a short-term floor. The report did not identify the buyers or disclose how much they purchased, however, and continued support will depend on short pressure in futures markets and broader risk sentiment.

MICA’s February 24 report said BTC was dragged lower by falling U.S. stock futures during Asian trading on February 23, tumbling from $67,000 to $64,000 before stabilizing at $65,000 that evening. The market was also watching risks related to U.S.-Iran tensions, ZachXBT’s planned February 26 disclosure of insider trading in the industry, and the hacking of a WLFI founder’s account, USD1’s depeg and Eric Trump’s deletion of a post.