Bitcoin, Is a Fall Below $60,000 Becoming Reality? "Everyone's Dumping"

▲ Bitcoin (BTC), decline, bear market / AI-generated image

Bitcoin (BTC) has slid to the key support level of $64,000, intensifying fears across the market of further downside ahead.

According to cryptocurrency media outlet NewsBTC on February 23 (local time), Bitcoin continued its bearish trend after hitting strong resistance and plunging toward the crucial $64,000 support zone. Aayush Jindal, an analyst at NewsBTC, explained that selling pressure intensified after Bitcoin failed to break through resistance near $65,000 and $66,000, rapidly cooling short-term investor sentiment. Over the past 24 hours, Bitcoin has posted a notable decline, amplifying overall market volatility.

From a technical perspective, Bitcoin is currently trading below the $64,000 level and the 100-hour simple moving average, signaling a precarious position. A key downward trendline formed near $65,200 is acting as strong resistance, preventing a meaningful rebound. Analysts warn that if the $64,000 support gives way, the price could sharply drop to $62,500 or even the psychological threshold of $60,000.

Indicators in the futures market are also unfavorable. While Bitcoin open interest remains elevated, falling prices are increasing the risk of cascading liquidations of long positions rather than triggering a short squeeze driven by forced buybacks of short positions. The Relative Strength Index (RSI) continues to decline without entering oversold territory, suggesting that it may take additional time for downward pressure to ease in the short term. Jindal also noted that increasing exchange inflows and whale activity point to prevailing selling pressure.

Market experts believe a clear consolidation above $65,500 is necessary to shift sentiment meaningfully. Even if Bitcoin breaks through the first resistance level at $64,800, the $66,000 barrier remains formidable, making it difficult to reclaim previous highs in the near term. Investors are approaching the market cautiously, increasing cash allocations or closely monitoring whether key support levels can hold in preparation for further downside.

After a prolonged downturn, the digital asset market once again stands at a critical crossroads. A fierce battle between buyers defending the $64,000 level and sellers seeking to accumulate at lower prices is expected to determine the weekly price direction.

Disclaimer: This article is for investment reference only, and we are not responsible for any losses resulting from investment decisions based on it. The information provided should be interpreted for informational purposes only.