Bitcoin Drops 11% as Market Faces Strong Selling Pressure

Bitcoin tumbled over 11% in the past 24 hours, falling to $82,858 amid heavy selling pressure. The crypto market saw nearly $1 billion in liquidations, with Bitcoin alone accounting for $372 million. The downturn has sparked reactions across the industry, including a poetic response from MicroStrategy cofounder Michael Saylor.

Saylor tweeted: “Satoshi started a fire in cyberspace. While the fearful run from it and fools dance around it, the faithful feed the flame, and dream of a world bathed in the warm glow of cyberlight.” His words suggest that while fear and speculation drive short-term volatility, long-term believers continue accumulating Bitcoin.

Bitcoin’s recent rally has stalled after hitting $95,128 following news of a U.S. strategic crypto reserve. However, macroeconomic concerns led to a sell-off, dragging Bitcoin down to $82,252. Investors are closely watching market conditions as enthusiasm fades.

Meanwhile, MicroStrategy revealed it had not sold any stock or purchased Bitcoin last week—an unusual move for the company, which has consistently added to its holdings. As of March 2, 2025, MicroStrategy holds 499,096 BTC, acquired for $33.1 billion at an average price of $66,357 per coin. Its latest purchase, between Feb. 18 and Feb. 23, saw the company acquire 20,356 BTC for $1.99 billion at an average of $97,514 per Bitcoin.

The market remains volatile as traders react to macroeconomic uncertainties, regulatory developments, and institutional moves. While short-term fluctuations persist, Bitcoin’s long-term narrative continues to attract both advocates and skeptics.