PANews reported on February 28 that Greeks.live macro researcher Adam released an English community briefing saying that in the week when Bitcoin plummeted from $94,000-96,000 to about $80,000, the group generally held a bearish attitude, and this sharp sell-off caused community members to suffer heavy losses. Traders are watching $75,000 and $67,000-70,000 as potential support ranges, and there is some debate as to whether this has bottomed out or may fall further.

Bitcoin’s unexpected crash caused severe damage to the market: 1. Many traders experienced their largest losses ever, with some reporting a 70% retracement from all-time highs and “7 months of profits wiped out”. 2. The sell-off was described as having runaway momentum with no clear catalyst, surprising even experienced traders who had high confidence in the $94,000-96,000 range. 3. The group noted a lack of significant liquidations during part of the decline, and funding rates on perpetual futures remained positive, contrary to what was observed during the previous bottom. 4. Some traders partially saved their positions through risk management with protective puts, while others sought to implement a put spread strategy (selling a $65,000 put option expiring in April and buying a $70,000 put option) to recover losses. 5. Some believe that prices could rebound to the $92,000-94,000 range, but many are cautious about establishing new positions until clearer signals emerge.