Bitcoin Falls Below $63,000 as Deleveraging Drives Liquidations; $60,000–$63,000 Seen as Key Support

Bitcoin fell below $63,000 on Feb. 24 amid broad market deleveraging rather than a single catalyst, BlockBeats reports, citing Presto Research Associate Researcher Min Jung. Bitrue Head of Research Andri Fauzan Adziima said long positions worth hundreds of millions of dollars were liquidated, funding rates turned negative and open interest dropped sharply, while on-chain data show short-term holders took heavy losses but long-term holders have not begun large-scale selling. He identified the $60,000–$63,000 range as key support, noting that holding this zone could pressure shorts and create conditions for a squeeze if macro conditions ease or ETF inflows return. A break below $60,000 could drive prices toward $55,000 or even $47,000 in a worst-case scenario, Adziima warned, as cascading liquidations may force some long-term holders to capitulate before a cycle bottom.