.png){kind=logo}
Bitcoin traded near $66,000 on February 23 after a sharp weekly close sell-off pushed the BTC price below $65,000. TradingView data showed an intraday low of $64,258 on Bitstamp before the asset recovered slightly.
Sellers increased pressure on the weekly close and forced a quick drop. Bitcoin fell more than $3,000 in under two hours during the move. Derivative markets amplified the decline. CoinGlass data showed about $458 million in liquidations over 24 hours, with long positions accounting for most of the losses.
Traders now focus on the mid-$60,000 area as a short-term pivot. Several market participants are also keeping the low-$60,000 zone on watch as the next support level.
Some bearish scenarios still point lower. Market analysts continue to point to the $50,000–$52,000 price zone as a potential downside target if support breaks.
Also Read: Bitcoin May Gain if AI Stocks Hit a Valuation Ceiling: BTC Chronicles Unfolding
Macro headlines added fresh stress for risk assets. US Customs and Border Protection said it will stop collecting certain tariffs tied to the IEEPA at 12:01 a.m. ET on Tuesday after a Supreme Court decision.
The administration also moved to a new temporary framework. Officials introduced a 15% global tariff under a different legal authority to replace the halted duties.
Inflation data also stayed in focus as traders reassessed rate expectations. The US Bureau of Economic Analysis showed the PCE price index rose 0.4% in December and increased 2.9% year over year. Core PCE rose 0.4% on the month and 3.0% year over year.
Markets now look ahead to the next inflation checkpoint. The US Bureau of Labor Statistics scheduled the January 2026 Producer Price Index release for February 27 at 8:30 a.m. ET.
On-chain flow data pointed to large holders moving coins to exchanges. CryptoQuant showed the exchange whale ratio near 0.64, meaning a large share of deposits came from the biggest transfers.
That concentration can raise near-term sell-side risk. When large inflows cluster among top wallets, exchanges can see higher available supply during weak demand.
Sentiment also deteriorated as the price fell. The Crypto Fear & Greed Index dropped to 5 out of 100, which signals “extreme fear.” This setup leaves Bitcoin sensitive to both flows and macro headlines through late February. If whale inflows persist and inflation data surprises, traders may keep testing support near $60,000.
