Bitcoin Down 6% Over The Past Month: Why Is BTC Not Going Up?

Despite a 6% dip over the past month, Bitcoin BTC/USD remains in a macro bull market, significantly outperforming other assets since early 2023.

What Happened: Crypto chart analyst Ali Martinez highlighted a notable pattern coinciding with the SEC launching a cyber and emerging technologies unit to combat crypto fraud.

He suggested the market's fear of regulation triggered the recent drop and stated: "scammers are in panic mode!"

I guess the market is really scared of getting regulated. Scammers are in panic mode! pic.twitter.com/Sf7epRjzHG
— Ali (@ali_charts) February 20, 2025

Martinez highlighted $97,533—a sustained breakout above could indicate further bullish momentum.

Trader Jackis noted BTC consolidating in a historically tight range for 15 days, with volatility at its lowest since August 2023. While there have been other consolidations, none have been this narrow. This range sits within a larger $106,000-$91,500 zone.

Still, BTC remains in a macro bull market regardless of short-term fluctuations, even if it dips below the local range. Notably, this broader range has held since November 2024.

Also Read: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says

Why It Matters: Glassnode data shows Bitcoin's market momentum having stalled after Bitcoin’s failed push into price discovery.

In February, BTC is down 5.9%, Ethereum ETH/USD 16.9%, and Solana SOL/USD 33.1%. Meme coins, which surged 90.2% in late 2024, are down by 37.4%.

Since early 2023, BTC has maintained a steady uptrend, now 3.4x above April 2023 levels. SOL peaked at 11.8x but has retraced to 7.6x. ETH has lagged, ranging between 1.3x and 2.0x. The meme coins that once aligned Solana, have seen the deepest drawdown.

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