Bitcoin Falls Below $64,000, Where Is the Bottom for the Altcoin Selloff?

▲ Bitcoin Cash (BCH) / Source: Twitter ©CoinReaders

As Bitcoin (BTC), the leading cryptocurrency, plunged below $64,000 amid an atmosphere of extreme fear gripping the digital asset market, major altcoins led by Bitcoin Cash (BCH) have posted double-digit losses, fully absorbing the market’s downward pressure.

According to investment outlet FXStreet on February 24 (local time), dark clouds have gathered over the broader crypto market as U.S. President Donald Trump seeks legal grounds to impose new tariffs citing national security concerns. With the U.S. New York stock market closing lower the previous day, CoinMarketCap’s Fear and Greed Index fell to 11, clearly signaling an extreme fear phase completely dominated by sellers.

Bitcoin Cash plunged 13% the previous day and is now trading precariously after losing the $500 level. It has fallen below both the 200-day exponential moving average at $544 and the downward-sloping 50-day exponential moving average at $555, exposing it to the risk of a critical death cross. With the daily Relative Strength Index (RSI) at 36, nearing oversold territory, and the Moving Average Convergence Divergence (MACD) showing a bearish crossover, failure to reclaim the $500 resistance level could push prices down to the October 17 low of $443.

Hyperliquid (HYPE) has also suffered sharp losses. After dropping 9% the previous day, it extended its decline for a fourth consecutive session, plunging below $26. Trading well under its 50-day EMA at $29.08 and 200-day EMA at $32.37, the token remains in a clear bearish bias. The RSI stands at 38, indicating room for further downside. Immediate support lies at the December 21 low of $23.58 and the October 10 low of $20.82, while reclaiming $29.08 is critical for any short-term recovery.

Meme coin launchpad token Pump.fun (PUMP) is also teetering around the $0.001800 level following an 11% drop the previous day. If the $0.001678 support level—established during the rebound on February 6—fails, the token risks a sharp fall toward the S2 pivot point at $0.001199. With the RSI at 37 and the MACD turning bearish again, strong selling pressure is evident. A move above the S1 pivot point at $0.001945 is necessary to signal a potential trend reversal.

*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*