Bitcoin, the world’s largest cryptocurrency, faced a dramatic price drop on February 6, 2026, hitting an intraday low of $60,008.52 during volatile trading. This marks the lowest point for Bitcoin since October 2024. The decline occurred amid a broader selloff across global markets, especially in technology stocks, metals, and other riskier assets, raising concerns about whether Bitcoin could fall below the $60,000 mark in the coming days.
After touching this 16-month low, Bitcoin managed to recover slightly, trading 1.64% higher at $64,153.24. Despite this small rebound, the sharp price swings have highlighted the nervousness and caution among investors. Analysts believe that Bitcoin's recent price movements are heavily influenced by broader market trends, especially the pressure from weak tech stocks and falling metals prices. The selling pressure extended across the crypto market, with more than $1 billion worth of Bitcoin positions being liquidated within 24 hours. Additionally, Bitcoin exchange-traded funds (ETFs) have seen large outflows, further weighing down the price.
The weakness in Bitcoin also mirrors a wider decline in the global cryptocurrency market. The total value of the crypto market has dropped by about $2 trillion since October 2024, with over $1 trillion lost just in the past month. Bitcoin has now fallen 16% for the week and 27% for the year so far. Other major cryptocurrencies like Ether have also faced significant losses, further indicating that the entire crypto sector is under pressure.
One of the primary factors influencing Bitcoin's volatility is its correlation with technology stocks. Bitcoin and tech stocks, particularly those linked to artificial intelligence, have been closely tied in recent years. When tech stocks face declines, Bitcoin also tends to follow suit. The selloff in precious metals like gold and silver has compounded this issue, as leveraged buying and speculative trading in these assets led to forced selling across investment portfolios, including digital assets.
Despite these ongoing challenges, Bitcoin’s price is currently hovering around a key support range of $58,000 to $60,000. Experts believe that if Bitcoin can hold above this range, there may still be hope for a recovery, although investor sentiment remains cautious. The future direction of Bitcoin will depend largely on global market trends, further ETF outflows, and the broader risk appetite in the markets. If the current selling pressure continues, Bitcoin may test lower support levels, potentially even falling to $56,000 in a deeper risk-off scenario.
Note: This article is for informative and educational purposes only, this is not financial advice.
