- Bitcoin drops 5% in 2 hours, triggering $500M in crypto liquidations over 24 hours.
- Fear & Greed Index hits 5, historically signaling potential Bitcoin market bottoms.
- $60K now key support after $65K broke, shaping next possible price floor for BTC.
Bitcoin recorded a sharp drop during weekend trading, triggering heavy liquidations across crypto markets. Analysts linked the decline to thin liquidity and renewed tariff headlines.
Data shows fear levels reached rare historical lows. Market participants now watch key price zones for signs of stabilization.
Bitcoin Price Drops as Liquidations Surge
Data shared by Milk Road showed Bitcoin fell nearly five percent within two hours on Sunday evening. The price slid from $67,676 to $64,344 between 7 and 9 p.m. ET.
The move triggered more than $500 million in liquidations across crypto markets within 24 hours. Traders faced forced closures as volatility increased.
$BTC dumped ~5% in 2hrs last night, with BTC dropping from $67,676 to $64,344 from 7-9pm ET.
The move triggered over $500M in liquidations across crypto markets in just 24 hours.
We're now 139 days into a broader correction that's seen $BTC fall 49% from its $126K peak.… pic.twitter.com/tNAy8gmcbs
— Milk Road (@MilkRoad) February 23, 2026
Milk Road reported the broader correction has now lasted 139 days. Bitcoin has declined 49 percent from its $126,000 peak.
The sell-off erased about $1.21 trillion from the total crypto market value. Market pressure intensified as large orders hit thin weekend liquidity.
Fear and Greed Index Hits Rare Single Digits
Milk Road noted that the Fear and Greed Index dropped to a reading of 5. Such levels appear only during periods of extreme panic.
Historical data shows that single-digit readings have aligned with major Bitcoin market bottoms. Similar conditions appeared during previous crash cycles.
The outlet said recent tariff announcements from Donald Trump increased market uncertainty. Weak weekend volume made prices more vulnerable to sudden sell-offs.
Analysts described current sentiment as approaching capitulation. They added that volatility often rises when fear reaches extreme levels.
Technical Levels Draw Attention After Support Break
Milk Road highlighted the $65,000 level as a former support zone. That level held on February 12 before breaking during the latest drop.
Attention has now shifted to the $60,000 psychological level. Traders view it as the next critical line of defense. The outlet said a bounce with falling liquidation volumes could suggest selling pressure has eased.
A failure to hold support could push fear readings even lower. Market observers continue to monitor short-term price action for confirmation signals. They expect sharp moves in both directions.
Analysts Compare Pattern to Past Market Cycles
Crypto commentator Ash Crypto pointed to historical all-time high retests as a recurring pattern. He said Bitcoin often revisits former peaks before forming a bottom.
HOPIUM for Bitcoin
The bottom is in for now, and we are due for a relief rally soon unless stocks crash hard.
Bitcoin is now retesting the previous all-time high from 2021, which last time marked the bottom for BTC.
In 2022, BTC tested the 2017 ATH of $19,800, dipped below to… pic.twitter.com/S5aBUP9zAg
— Ash Crypto (@AshCrypto) February 24, 2026
In 2022, Bitcoin tested the 2017 high near $19,800. It later dipped to $15,400 before starting a recovery phase.
Ash Crypto noted that Bitcoin recently moved below its 2021 high of $69,000. The price also tested the $60,000 area during the latest decline.
He added that broader stock market conditions could influence further movement. A sharp equity sell-off could extend crypto losses.
According to CoinGecko, Bitcoin traded at $63,383 at the time of reporting. The asset posted a 3.52 percent daily decline and a 7.02 percent weekly drop.
Market data continues to reflect elevated uncertainty. Traders remain focused on whether fear-driven selling has reached exhaustion.
