Editorial Note
- Bitcoin Market Experienced Selling Pressure from Major Players
- Key Factors Driving BTC’s Weakness
- Support Levels and Price Targets for BTC
- What to Watch Out For
Bitcoin Market Experienced Selling Pressure from Major Players
Today, Tuesday, February 24, 2026, the Bitcoin (BTC) cryptocurrency market experienced significant selling pressure.
The BTC price corrected amid negative global sentiment and the actions of major players, who reportedly sold crypto.
Below is a summary of the movement and the driving factors:
- Current Price: Trading in the range of US$62,858 – US$64,218. Based on this afternoon’s data, Bitcoin has weakened by 3.02% in 24 hours to US$63,056.
- Market conditions: Investor sentiment indicates “Extreme Fear,” with a score of 5/100 on the Fear & Greed index, a historic low.
- Investor action: Over $508 million in long positions were liquidated, primarily by retail investors. Crypto whales have moved approximately 900,000 BTC (~$60 billion) since February 13, indicating a massive distribution.
Key factors driving BTC’s weakness
Three major negative factors are currently hovering over the crypto market, including:
- Geopolitical and macroeconomic developments: US-Iran tensions and President Trump’s new tariff policy (planned global tariffs of 15%) are driving risk aversion. Investors are turning to safe-haven assets like gold, which rose 0.97%.
- Large investor selling: In addition to crypto whales, long-term investors (LTHs) are also accelerating their selling. US spot Bitcoin ETFs are reportedly losing buying interest.
- Market Sentiment: Technically, Bitcoin is poised for its worst quarterly performance since 2018, with a 22% decline year-to-date. Searches for “Bitcoin is dead” on Google Trends have reached a record high.
Support Levels and Price Targets for BTC
Analysts are monitoring the following key levels for future movements:
- Closest Support: US$62,000. If broken, a move towards US$60,000 is possible.
Strong Support: US$59,000-US$60,000. This is a psychological zone and a key moving average. If this zone breaks, the correction could continue. - Further downside target: Some analysts predict a further price target of US$58,000** (200-week moving average) to US$53,000. Even in the worst-case scenario, a drop to US$50,000 is possible.
What to watch out for
External sentiment: Pay attention to developments in US tariff policy and global economic data. The crypto market is currently highly sensitive to macroeconomic sentiment.
Key level: Monitor price movements around US$60,000. Whether the price remains above this level will determine whether the correction continues or whether a recovery occurs.
On-chain indicators: Watch for decreasing selling pressure from large and long-term investors, which could be an early sign of stabilization.
Disclaimer
Cryptocurrency price movements are highly volatile and risky. This information does not constitute investment advice. Always conduct your own research before making any decisions. ***obs
