Will Bitcoin Break Below $60,000 as Sellers Seize Control?

▲ Bitcoin Bear Market (Downtrend) ©

Selling pressure has firmly taken control of the cryptocurrency market, with the possibility of Bitcoin falling below the $60,000 level now being discussed.

According to investment media outlet FXEmpire on February 23 (local time), Bitcoin (BTC) fell to as low as $64,200 in early trading before partially rebounding to around $66,000 near the opening of European markets. However, analysts say the bearish trend has strengthened technically as the downward resistance line remains intact and key support levels have been breached on the chart. If market sentiment does not improve rapidly, Bitcoin could test the $60,000 level within this week.

The total cryptocurrency market capitalization fell about 3.5% over the past 24 hours to $2.25 trillion. It dropped to as low as $2.22 trillion during intraday trading, approaching the lows seen on February 5–6. Among major coins, Solana and Bitcoin Cash each declined more than 7%, while Tron limited its losses to 0.3%, outperforming the broader market.

The market sentiment index, which reflects investor fear, fell to 5, matching the low recorded on February 12. This marks only the third time in history that the index has entered single-digit territory. While such readings are generally interpreted as long-term buying opportunities, analysts pointed out that sentiment bottoms have not always coincided with price bottoms, as seen in June 2022. At that time, a meaningful recovery did not begin until early 2023.

On-chain data is also adding pressure. CryptoQuant reported that the total cryptocurrency market capitalization has declined by $730 billion over the past 100 days, describing it as an “unprecedented pace of capital outflows.” According to Santiment, retail investors have been buying Bitcoin on dips, while institutional investors have engaged in large-scale selling over the past five weeks. On-chain indicators such as trading volume, new addresses, and network growth are also showing a simultaneous slowdown.

Some market figures are warning of further declines. Bobby Lee, CEO of Ballet, said Bitcoin could break below $60,000 in the coming weeks and test support levels between $50,000 and $55,000. He added that even lower levels by year-end cannot be ruled out. Meanwhile, mining company Bitdeer sold all 943 BTC it held to secure operating funds, and BNP Paribas selected Ethereum (ETH) for a tokenized money market fund pilot project. Despite the bear market, industry restructuring is continuing at the same time.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*