- Bitcoin dropped to $60,000 in a flash crash on Thursday night, marking its lowest level since September 2024.
- The plunge triggered over $2 billion in liquidations across the crypto market.
- Analysts attribute the selloff to repeated failures at key support levels and a risk-off sentiment in global markets.
In a stunning turn of events, Bitcoin suffered a severe flash crash late Thursday, plummeting to $60,000 before partially recovering, as global market turbulence intensified investor caution.
The world’s largest cryptocurrency by market capitalization fell as low as $60,000 at around 7:20 p.m. ET on February 5, 2026, representing a nearly 17% drop within 24 hours. This marked Bitcoin’s lowest point since September 2024, erasing half its value from the all-time high of $126,000 reached in October 2025. The asset later rebounded to approximately $64,100, highlighting the extreme volatility gripping the market.
Liquidations exceeded $2.6 billion across the cryptocurrency ecosystem, with 578,961 traders affected. The largest single liquidation occurred on Binance, amounting to $12 million. Ethereum also saw significant declines, dropping to $1,750 before recovering to around $1,899. Ethereum (ETH) and Uniswap (UNI) were among the affected assets, as listed on https://cryptopress.site/coins/.
Analysts point to a confluence of factors driving the selloff, including a broader risk-off stance in technology stocks and failures to maintain critical support levels. “Repeated failures to hold key support levels have pushed market sentiment firmly into a risk-off stance,” noted analysts in a recent report. Traders are reportedly hesitant to buy the dip, with some describing the situation as refusing to catch ‘falling knives.’ (Yahoo Finance)
The crash coincided with heightened global market pressures, including selloffs in tech equities. Bitcoin’s decline wiped out nearly $2 trillion in crypto market value since October, fueling fears of a ‘death spiral’ as warned by investor Michael Burry.
On social media platform X, analysts like Crypto Patel highlighted the severity: ‘CRYPTO BLOODBATH: $2.60B LIQUIDATED IN 24HRS #Bitcoin Crashes to $60K, Lowest Since Oct 10, 2024.’ This sentiment echoes broader concerns about leveraged positions and macroeconomic uncertainties.
Despite the rebound to $65,198.20, up 3.3% after brushing $60,008.52, experts warn of potential further downside if $60,000 support fails. Balanced views suggest that while risks persist, historical patterns indicate possible stabilization in the $60,000-$75,000 range.
The event underscores the interconnectedness of crypto with traditional markets, where tech stock routs can amplify volatility. Investors are advised to monitor upcoming economic indicators for signs of recovery or deeper corrections.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
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