Bitcoin fell to its annual low of $60,000 on February 6 and has been trading within a narrow range of $60,000 to $74,000 since then. At the time of publication, Bitcoin was trading at $66,890, down 8.25% over the past 30 days.

Overall market sentiment is also under pressure. The Crypto Fear and Greed Index remained in the "Extreme Fear" zone with a score of 11 points on Saturday. Crypto analyst Ted argued on Friday that $60,000 is not the market bottom. Stating that he does not expect an additional 50% drop, the analyst said, "There will be one last panic sell-off before the bottom is reached."