Bitcoin drifts toward $60,000 as traders brace for potential washout: Crypto Markets Today

CoinDesk

by Oliver Knight

February 24, 2026

AI-Generated Deep Dive Summary

Bitcoin continues to face downward pressure, dropping to around $63,100 as the dollar strengthens and global equities weaken. This decline brings Bitcoin closer to the critical $60,000 level, which could trigger further liquidations and send prices sliding toward $52,500—a key support level from 2021. The broader crypto market is also feeling the strain, with altcoins like BCH, APT, ATOM, and SUI experiencing sharp declines of 5% to 11.5%. DeFi tokens have fared relatively better in terms of TVL but still show poor performance, suggesting a shift toward stablecoins as investors seek safety. The current market dynamics resemble a "slow bleed," typical of bear markets, with derivatives data showing reduced open interest and significant liquidations—over $360 million in the past 24 hours. Bullish positions have been hit hardest, with longs accounting for 90% of these liquidations across major exchanges. The rise in implied volatility and bearish funding rates signals a cautious market sentiment, while put options on Deribit indicate heightened concerns about a prolonged sell-off. Despite the gloomy outlook, some analysts note that oversold RSI readings could pave the way for a short-term bounce in the $60,000-$65,000 range. However, the lack of bullish catalysts and thin liquidity in the altcoin market suggest further challenges ahead. The crypto space remains volatile, with Bitcoin and ether’s implied volatility indices at two-week highs, underscoring the uncertainty weighing on投资者. This situation matters for crypto

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Originally published on CoinDesk on 2/24/2026