Cryptocurrency prices declined today, with Bitcoin falling under $65,000 and other cryptocurrencies experiencing even larger drops, likely due to growing concerns about new tariffs.
Summary
- Bitcoin fell below a key support level, extending its monthly losing streak.
- Major altcoins posted steeper losses as sentiment weakened.
- Liquidations surged as leveraged long positions were wiped out.
The cryptocurrency market started the week with a downturn. Over the last day, the total value of the market dropped by 4.2% to $2.3 trillion.
As an analyst, I’m watching Bitcoin closely, and it’s currently down 4.5%, falling below $65,000. This marks the fifth month in a row that we’ve seen declines. The drop below that $65,000 level is particularly concerning, as it was a key support point for many traders, and it raises the possibility we could see a move toward $60,000.
Most alternative cryptocurrencies (altcoins) experienced significant price drops today. Solana’s value decreased by 9.1% to $77, Hyperliquid fell 9.8% to $27, and Zcash dropped 8.2% to $234.
Investors are still feeling very negative about the market. The Crypto Fear & Greed Index fell to 5 out of 100, indicating extreme fear.
Data from CoinGlass shows a massive surge in liquidations over the past 24 hours, increasing by 436% to reach $463 million. The vast majority of these liquidations – $432 million, or around 93% – were long positions. This means that a price drop forced many traders who were hoping for prices to rise to close their positions.
Open interest in crypto futures and options decreased by 1.51% to $95 billion, suggesting some traders are exiting their positions. Market momentum appears weak, as the average Relative Strength Index is nearing oversold territory at a value of 33.
The sharp rise in liquidations suggests that leverage played a major role in today’s drop.
Tariff uncertainty shakes risk assets
The main trigger for the sell-off appears to be fresh uncertainty around U.S. trade policy.
President Trump announced on his social media platform over the weekend that he plans to increase a proposed tariff on global goods from 10% to 15%. This announcement followed a Supreme Court decision that invalidated previous emergency tariffs he had put in place.
Trump then sought to impose tariffs again, using a clause from the 1974 Trade Act and claiming it was necessary to address imbalances in international payments.
The change in policy caused concern in financial markets. While gold and silver remained fairly stable, cryptocurrencies experienced a decline in value. Bitcoin, in particular, continued to act like a risky investment when economic conditions worsened.
It’s notable that the crypto market reacted differently than some stock markets. While Asian stocks initially rose, crypto prices fell. This difference shows how quickly crypto can be affected by negative news and increased risk aversion.
Short-term outlook: focus shifts to $60K
As a Bitcoin investor, I was keeping a close eye on $65,000 – analysts thought it would hold as a floor for the price. Now that it’s dropped below that, I’m watching $60,000 closely to see if it can act as the next support level. It’s a bit concerning, but I’m prepared for potential further dips.
According to Glassnode’s February 23rd report, Bitcoin is still falling as investors continue to sell, and a price floor hasn’t been reached yet.
Bitcoin’s Net Realized Profit and Loss is currently around -$480 million, improving from a low of -$1.24 billion on February 6th. While losses have decreased since then, data suggests sellers are still active.
The price of Bitcoin might fluctuate quite a bit in the next few days. If economic worries increase, it could fall to $60,000 or below. However, if the price quickly rises back above $65,000–$68,000, it could lead to a price increase.
Right now, investors are keeping a close eye on news about tariffs, hints from the Federal Reserve, how money is moving into and out of exchange-traded funds, and data from blockchain networks to see if the market will start to recover. While intense fear can sometimes signal the lowest point before a price increase, we haven’t seen enough evidence to confirm that’s happening yet.
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2026-02-23 09:15