Bitcoin experienced a sharp sell-off on February 24, 2026, briefly falling to around $62,557 before partially recovering, continuing a downward trend that has now stretched for five consecutive months. The cryptocurrency is currently on track to record its largest monthly decline since June 2022, a period associated with widespread failures within the crypto industry.
The latest drop coincided with increased global risk aversion following the announcement by former U.S. President Donald Trump of plans to impose a 15% tariff on all global imports. Rachael Lucas, a cryptocurrency analyst at BTC Markets, stated that Trump’s proposed tariff increases have broadly impacted risk assets, with Bitcoin not immune to the pressure. “While many view Bitcoin as ‘digital gold,’ it continues to trade as a risk-on asset,” Lucas explained. “As macroeconomic concerns mount, capital flows will likely shift towards traditional safe havens, and Bitcoin has yet to fully establish itself in that role.”
The current losing streak represents the longest consecutive monthly decline for Bitcoin since 2018. Market analysts note that Bitcoin has repeatedly breached key support levels during the four-month sell-off. Alex Kuptsikevich, chief market analyst at FxPro, observed that Bitcoin briefly fell below $60,000 earlier in February, and that a tug-of-war between buyers and sellers is currently underway. “The ultimate outcome will determine whether the market sees a recovery or continues its downward trajectory,” Kuptsikevich said.
According to a research report by Tony Sycamore, an analyst at IG Australia, Bitcoin is approaching its 200-week moving average of $58,503. Sycamore indicated that the cryptocurrency’s ability to remain above this level will be crucial for stabilizing its price. A breach of the $58,000-$60,000 support zone, he warned, could trigger a deeper correction.
The broader cryptocurrency market is also facing significant pressure. Data from CoinGecko shows that the total market capitalization of the cryptocurrency sector plummeted by more than $120 billion between February 23 and February 24. In February 2022, Bitcoin closed the month at $43,193.23, up 12.2% for the month, according to StatMuse Money. However, the current situation contrasts sharply with that period, as highlighted by NYDIG research from February 2022, which noted that Bitcoin had outperformed risk assets during a time of geopolitical uncertainty.
As of February 25, 2026, the market awaits further developments and signals regarding the potential for a sustained recovery or continued decline in Bitcoin’s value.
