Bitcoin back to record fear levels as it wipes weekend gains

CoinTelegraph

by Martin Young

February 23, 2026

AI-Generated Deep Dive Summary

Bitcoin experienced a significant drop over the weekend, erasing its previous gains and sending the market into fear mode. The cryptocurrency plummeted more than 4%, falling from $68,600 on Saturday to $64,300 by Monday. This sharp decline came just as the Crypto Fear and Greed Index hit historic lows, indicating heightened uncertainty among investors. Over 136,000 traders were liquidated in the past 24 hours, with total liquidations reaching $458 million—92% of which were leveraged long positions, according to CoinGlass. The sudden drop wiped out Bitcoin’s gains since Friday, leaving many traders questioning the market’s stability. The cryptocurrency is now trading at a support level near $64,300, following its February 6 crash that saw it briefly dip below $60,000. This latest decline has created a range-bound channel in the market, suggesting limited upside potential for Bitcoin unless it breaks above this resistance. The broader crypto market is feeling the impact of this volatility, with fear dominating investor sentiment. The sharp drop has led to widespread liquidations, highlighting the risks associated with leveraged positions in the cryptocurrency space. This latest correction underscores the unpredictable nature of the crypto market and raises concerns about its short-term outlook. Investors are advised to remain cautious as the market continues to navigate these uncertain conditions. This development matters significantly for those interested in crypto, as it highlights the inherent risks and volatility that characterize the cryptocurrency market. The fear-driven sell-off and high liquidation rates signal a potential shift in market dynamics, with many traders reevaluating their strategies. For those following Bitcoin’s price movements closely, the current support level at $64,300 will be crucial to watch as it could determine whether the cryptocurrency recovers or continues its downward trajectory. Overall, this latest correction underscores the importance of understanding market sentiment and leveraging tools like the Crypto Fear and Greed Index to make informed trading decisions. As Bitcoin and other cryptocurrencies continue to navigate these uncertain times, investors must remain vigilant and adapt to the ever-changing landscape of digital assets.

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Originally published on CoinTelegraph on 2/23/2026