Bitcoin Drops Again: Is $60,000 About to Break?

On the evening of February 23rd, Bitcoin experienced another significant drop — this time approaching the $60,000 level for the second time in this bear market.

During the previous occurrence, price briefly dipped below $60,000 but quickly recovered, rebounding within a few days. However, this recent move feels structurally different.

What Makes This Drop Different?

Unlike the prior decline, market sentiment is now overwhelmingly bearish. A large portion of traders believe Bitcoin is likely to break below $60,000 decisively.

More importantly, this decline is not aggressive or panic-driven. Instead, it is a controlled, steady downward movement. That suggests the selling pressure is not coming purely from high-leverage liquidations — but from broader, sustained seller strength across the market.

We are also seeing major crypto funds and traders reducing exposure.

Reports indicate that Vitalik Buterin, the creator of Ethereum, has closed approximately $1.5 million in Ethereum long positions. While this does not necessarily indicate long-term bearishness, it reinforces the cautious positioning seen across the industry.

At the same time, certain institutional players — such as MicroStrategy — continue accumulating Bitcoin consistently, seemingly on a weekly basis. Meanwhile, large traders appear to be waiting for lower prices to re-enter leveraged long positions.

Macro Influence: Gold, Silver & ETF Flows

Bitcoin does not move in isolation.

Gold is currently rallying, and historically, when capital flows into commodities like gold and silver, Bitcoin tends to struggle attracting similar inflows. If gold and silver begin to cool off, that could create room for Bitcoin to regain upward momentum.

Additionally, ETF inflows have slowed and become inconsistent. Momentum-driven demand that previously supported price strength appears to be weakening.

What Could Happen Next?

Over the coming weeks, Bitcoins direction should become clearer. It may break significantly below $60,000 — or it may surprise to the upside.

However, the most probable scenario appears to be a consolidation phase. A prolonged cooldown period may be forming — something the market has arguably needed for some time.

This consolidation could last months, though likely less than a year. Historically, Bitcoin tends to approach new all-time highs as halving events draw near. The next halving is roughly two years away, and past cycles have shown increased demand building ahead of those events.

That said, past performance is never a guarantee of future results.

For now, patience remains the most rational strategy.