 ▲ Bitcoin (BTC) Plunge / Gemini-generated image |
The virtual asset market continues to move sideways without finding a clear direction, pushing investor fatigue to extreme levels.
According to cryptocurrency-focused outlet BeInCrypto on Feb. 15 (local time), the total market capitalization of the virtual asset market remained stagnant at $2.26 trillion, showing little change from the previous day. Bitcoin (BTC) is barely holding the $65,000 support level but lacks upward momentum, while altcoins, including LayerZero (ZRO), are leading the decline and dampening investor sentiment. In particular, the overall market cap remains capped by the $2.3 trillion resistance level, facing difficulties in securing the liquidity needed for further gains.
Market trading activity has slowed sharply ahead of the weekend, with investors maintaining a wait-and-see approach while monitoring macroeconomic signals and liquidity conditions. In Argentina, a proposal to allow workers to receive wages through virtual asset wallets was removed during the legislative process due to pressure from the banking sector, highlighting ongoing friction surrounding institutional adoption. In Israel, citizens were indicted for allegedly using military confidential information to place bets on the prediction platform Polymarket, bringing insider trading risks in prediction markets under scrutiny.
Bitcoin is holding above the psychological threshold of $65,000, but selling pressure remains intense. According to the Chaikin Money Flow indicator, continued capital outflows from Bitcoin have been detected, weakening the foundation of price support. If the $65,000 level collapses, Bitcoin could retreat to $62,893 or lower, potentially triggering a strong wave of declines across the broader market.
In the altcoin market, LayerZero posted the weakest performance, plunging 7.6% over the past 24 hours. Currently trading around $1.95, LayerZero is struggling to reclaim the $2 resistance level, and if the $1.90 support breaks, further downside toward $1.75 remains possible. Amid extremely subdued overall market momentum, most assets—aside from a few exceptions—appear to be drifting without clear direction.
For the virtual asset market to shift into an uptrend, strong capital inflows capable of breaking the $2.3 trillion resistance level are essential. Concerns are growing that the current tedious sideways market could be prolonged unless Bitcoin retests the $70,000 resistance level and restores overall investor confidence. Investors are cautiously gauging the timing of meaningful buying inflows while bracing for sudden volatility that could emerge in a low-volume environment.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses arising from its use. The content should be interpreted solely for informational purposes.*