Bitcoin's Price Plunge Erases Gains, Marking Worst February in a Decade

"Just when I thought I was out, they pulled me back in." This famous line from The Godfather perfectly describes Bitcoin’s (BTC) latest market moves. After a brutal sell-off earlier this week wiped out $1.5 billion in perpetual futures, many hoped the worst was over. However, today’s trading session proved otherwise.

As the U.S. stock market opened higher, Bitcoin suddenly dropped 1.48%, hitting $85,400—its lowest level in three months. This sharp decline erased all recent gains, including BTC’s record-breaking surge to $109,588.

February has historically been a mixed bag for Bitcoin, but this year marks its worst performance in nearly 11 years. CryptoRank data shows the last time BTC suffered such a February downturn was in 2014, with a 33.7% correction. Since then, no February has been this brutal for the top cryptocurrency.

Looking ahead to March, historical data offers a glimmer of hope. The average return for Bitcoin in the first month of spring stands at 11.8%. However, the median return is -2.10%, highlighting the market’s unpredictability. While past trends don’t guarantee future performance, they provide valuable insights for traders navigating volatile conditions.

Bitcoin’s price action underscores the unpredictable nature of the crypto market. As investors brace for what’s next, one thing remains certain—volatility is here to stay.