Bitcoin Price Drops to $79.500 as BlackRock Sells BTC

• Bitcoin Fear Index at all-time low.
• Buying opportunity during extreme fear?
• Crypto market value plummets.

On Friday, February 28, 2025, Bitcoin price started the day by losing again the important support of 80 thousand dollars, with the bears controlling the market for more than a week. Currently, BTC (at 03:01 UTC) is quoted close to 79.500 USD, falling almost 6% in a day and 21% in a month. The global market value of cryptocurrencies is melting 4,51% compared to the last day.

At press time, BTC price is now struggling to hold the $80.800 support with a 4,4% drop in the past 24 hours.

Similarly, most of the major altcoins are also moving lower. ETH is about to test the USD 2.120 support and is trading at $2.143,49 and is down 8%. XRP is about to lose the USD 2,00 support and is down over 7%. Solana is trying to hold on to the $120 level. ADA is struggling to hold on to the USD 0,60 level and is down over 7%.

Bitcoin’s Fear and Greed Index has hit a new alarming low, hitting a level of 10, its lowest since June 2022. This score reflects a state of extreme fear among investors, according to data from the Alternative.me platform.

This sharp drop in the index, from a neutral 49 a week ago to extreme fear today, could paradoxically signal a buying opportunity. “Extreme fear is often an indication that investors are overly worried, which can be a good opportunity to buy,” the source said.

Despite this potential buy signal, the analyst community is divided. Some are relying on historical data that suggests that moments of extreme fear often precede a price rally. On the other hand, prominent market figures such as BitMEX co-founder Arthur Hayes predict that Bitcoin could still face declines, possibly reaching $70.000 before stabilizing.

Why did BlackRock sell cryptocurrencies?

Second Arkman , BlackRock Just Sold Over $500 Million More in Cryptocurrencies.

Among the factors contributing to widespread fear in the market, geopolitical tensions stand out. US President Donald Trump recently announced the imposition of new tariffs on products from countries such as Canada, Mexico and China, and also threatened a 25% tax on imports from the European Union, exacerbating uncertainty.

Additionally, the US spot Bitcoin ETF sector saw record outflows, with approximately $938 million worth of withdrawals in a single day, reflecting the lack of institutional trust that has driven the recent selloff.