February 24 News: Driven by the increasing “Artificial Intelligence Panic Trading” and worsening macro risk sentiment, the crypto market came under pressure and declined. Ethereum, Solana, and Ripple continued to fall, with major cryptocurrencies generally experiencing an 8% to 11% correction over the week. Bitcoin briefly dropped to around $62,900, down about 2.1% for the day, with a weekly decline of 7.5%. Its price remains confined within the $60,000 to $70,000 range established after the early February surge, and the market is more inclined to see this as a consolidation zone rather than a clear bottom.
Altcoins performed significantly weaker than Bitcoin. Ethereum fell to approximately $1,829, down about 8% for the week; XRP dropped over 10%; SOL declined more than 11%; Dogecoin also approached double-digit corrections. The mainstream altcoins weakened in tandem, reflecting a decline in market risk appetite, with insufficient buying interest outside of Bitcoin and investors becoming more cautious with their allocations.
On-chain analysis firm CryptoQuant pointed out that current altcoin valuations remain near five-year highs, with selling pressure significantly increasing. Holders are actively reducing their positions, and new funds are mainly flowing into larger-cap assets. This structural selling pressure typically does not lead to sharp liquidations but gradually pushes prices lower in a slow decline, making short-term momentum trading difficult to catch rebounds.
Market technicals also remain bearish. Analyst Alex Kuptsikevich believes Bitcoin’s daily chart is forming a bearish descending triangle pattern. If it effectively breaks below the $65,000 central zone, the downtrend could be further confirmed; conversely, if it reclaims the $70,000 level, the bearish outlook would weaken. The $60,000 to $70,000 range has become a key battleground between long-term holders and new entrants.
Meanwhile, a report from Citrini Research suggests that the potential impact of artificial intelligence on industries such as payments, software, and logistics is triggering a reevaluation of tech assets, which in turn is dragging down risk assets. Although the crypto market is not perfectly correlated with stocks, it remains highly sensitive to liquidity tightening and risk aversion. In the context of ongoing contraction of risk capital, if Bitcoin continues to trade within a range without strong rebound signals, its technical structure may gradually tilt bearish. Cryptocurrency market volatility and downward pressure could remain elevated.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Miners are no longer mining Bitcoin; they are selling electricity to AI.
Written by: Cathy, Plain Language Blockchain
Mining one Bitcoin costs $87,000. When sold, the market only pays you $67,000.
For each Bitcoin mined, you net a loss of $20,000. It’s not just losing on fees or electricity fluctuations; it’s a solid loss—losing $20,000 for every Bitcoin produced. This is the reality in March 2026. Data from Glassnode and MacroMicro both point to the same conclusion: Bitcoin mining, at current prices, is a losing business.
But miners aren’t just sitting around waiting to die. They’ve made a choice that the entire market didn’t expect—they’re stopping mining and selling electricity to AI.
Specifically, it’s not “stopping mining,” but rather emptying the Bitcoin treasury and pouring all funds into AI data centers, relegating mining to a side gig.
Since Bitcoin dropped from 126,000 in October 2025
PANews17m ago
Bitcoin Derivatives Stir Debate: Analysts Eye $72K Resistance Level
Options Neutrality: Bitcoin Options show balanced call and put demand, signaling limited short-term movement.
Futures Pressure: Large long liquidations indicate caution and short-term selling pressure in the market.
Upside Potential: Liquidation clusters above current price suggest $72K r
CryptoNewsLand49m ago
Trump says Iran war is almost over, BTC needs to hold $70,000. What do technicals say?
U.S. President Trump stated on March 10th that the Iran war is "almost over," leading to a cooling of geopolitical risk sentiment and driving cryptocurrencies like BTC to reverse and break above $70,000. Market expectations for the end date of the war have significantly increased, and risk assets are generally rising. Reflecting on the airstrike on February 28th, the market had wiped out $12.8 billion, and most indicators remain neutral with a key resistance at $74,000. Noticing that oil prices have fallen below $100, which may further support risk assets. Today's U.S. CPI data will influence market sentiment.
動區BlockTempo50m ago
Seven central banks will announce interest rate decisions next week, with the schedule concentrated from March 17 to 19.
Seven major central banks will announce interest rate decisions next week, prompting the market to reassess global inflation and rate cut expectations. The Middle East conflict has led to rising oil prices, which could impact Bitcoin prices.
GateNews1h ago
