New Headline: Биткоин временно опустился ниже $60 000, вызывая миллиардные ликвидации и резкое падение на рынке Translation: Bitcoin temporarily fell below $60,000, causing billion-dollar liquidations and a sharp market decline.

On February 6, the price of the leading cryptocurrency dropped to $60,000, hitting its lowest point since September 2024. It later saw a partial recovery, climbing back to the range of $65,000 to $66,000.

At the time of writing, Bitcoin is trading at $65,889, reflecting a decrease of 6.6% over the past day.

Following Bitcoin’s decline, altcoins also took a hit: Ethereum briefly fell to $1,756, Solana dropped to $70, and BNB fell to $574. The overall market capitalization shrank by 6.1%, amounting to $2.3 trillion.

The drop over the day from around $73,300 to approximately $60,000 represented a decrease of about 18%.

This sharp price decline triggered a cascade of liquidations. According to CoinGlass, the daily volume of forced closures reached $2.59 billion, with the majority of the impact felt by long positions, which totaled $2.11 billion.

A popular sentiment indicator plummeted to 9 points, indicating «extreme fear,» marking the lowest levels since the metric’s launch in mid-2023.

Vincent Liu, Investment Director at Kronos Research, described the situation as a «perfect storm.» He noted that three factors converged in the market:

*»This is classic deleveraging: aggressive and rapid emotion-driven selling. The Bitcoin capitulation metric showed the second strongest spike in two years,»* Liu remarked.

He believes that Bitcoin needs to maintain the $58,000 to $60,000 range and wait for a stabilization of the fundamental environment before any recovery can begin.

Rachel Lucas, an analyst at BTC Markets, added that traders have shifted towards preserving capital and have stopped buying the dips.

Spot Bitcoin ETFs are experiencing capital outflows, with funds losing over $900 million on February 3 and 4.

Despite this, trading activity remains strong, with the trading volume for BlackRock’s IBIT fund reaching a record high of $10 billion amid a 13% drop in share price, according to senior Bloomberg analyst Eric Balchunas.

Experts from CryptoQuant have warned of «broad structural weakness» in the market. Institutional demand has sharply reversed, and the Bull Score index has dropped to zero. Technical indicators confirm a bearish trend, as Bitcoin has settled below the 365-day moving average for the first time since March 2022.

Analysts noted that the current support zone between $60,000 and $70,000 coincides with the cost basis for mining coins ($65,000 to $70,000).

In contrast to the prevailing pessimism, some on-chain indicators demonstrate renewed buying interest. Analyst Darkfost observed an increase in stablecoin inflows to exchanges.

At the end of December, the average weekly deposit volume was $51 billion. It has now increased to $98 billion, surpassing the 90-day moving average of $89 billion.

This, according to the expert, indicates a reactivation of capital: investors have started to buy the dip, although selling pressure remains too significant for full absorption of the supply.

Darkfost pointed out that Bitcoin is gradually approaching the 50% correction level from the October peak.

*»This is a positive signal. Market participants’ interest is slowly returning at the current price levels,»* the analyst concluded.

Just a reminder, on February 3, K33 Research analyst Vetle Lunde excluded the possibility of an 80% price crash. Later, technical analyst Peter Brandt referred to the decline of the leading cryptocurrency as a «planned campaign» by major players.