Catenaa, Thursday, February 05, 2026- Bitcoin fell to $60,000 Thursday night, its lowest level since September 2024, as repeated support failures and forced liquidations spurred a sharp selloff, analysts said.
The cryptocurrency dropped roughly 17% over 24 hours before partially recovering to $64,100. Ethereum declined to $1,750, trading near $1,899 at the time of reporting.
Over the past four hours, liquidations reached $817 million, with 24-hour totals hitting $2.67 billion, according to Coinglass data. Long positions accounted for $2.31 billion of the liquidations.
Crypto fear and greed metrics show extreme risk-off sentiment, with the index hitting 5 — its lowest reading since June 2023. Analysts said forced selling from over-leveraged positions, ETF outflows, and broader macro risk drove the sudden drop. Bitcoin’s capitulation metric recorded its second-largest spike in two years, signaling significant forced liquidation activity.
Traders are reportedly avoiding aggressive buying during the downturn, with rallies being sold into and trading volumes declining once liquidation flows subside. Institutional investors also pulled more than $800 million from spot bitcoin ETFs earlier this week, reflecting a reset in short-term positioning.
Experts said critical support between $58,000 and $60,000 must hold for any meaningful recovery. Stabilizing prices and positive market catalysts could spark a rebound, though confirmation is expected to take time as weak hands are shaken out and long-term holders remain.
