Bitcoin Falls Below $63,000, 24-Hour Decline Widens to 3.1%

Bitcoin fell below $63,000 on February 23, marking a 3.1% decline in the last 24 hours. This is the first time the price has dropped to this level since late 2024.

Bitcoin ETFs have seen outflows of roughly $4.3 billion over the past five weeks, according to Cantor Fitzgerald. This is a significant shift from inflows of $4.3 billion recorded during the same period in 2025.

The price decline is attributed to a combination of macroeconomic events, ETF outflows, legislative uncertainty, and geopolitical tensions. Analysts from Standard Chartered suggest Bitcoin may find a short-term floor at $50,000 if institutional capitulation occurs.

Why Did This Happen?

Bitcoin ETFs have recorded $3.8 billion in outflows over five weeks, with net outflows reaching $8 billion since late 2025. This indicates a broader shift in investor behavior, as institutional investors are de-risking portfolios and moving away from speculative assets.

Bitcoin's price is also being affected by increased geopolitical tensions and higher tariffs, which have shifted investor preference toward safer assets like gold.

How Did Markets React?

Market sentiment is extremely bearish, with a fear and greed index at 10/100. Open interest has fallen 0.69% to $44.67 billion in 24 hours, further indicating a lack of confidence in the market.

Bitcoin investment products recorded $215 million in outflows for the week ending February 23. This marks the fifth consecutive week of outflows and brings five-week outflows to $4 billion.

What Are Analysts Watching Next?

Bitcoin is approaching a key support level at $58,000. A breakdown below this level could push the price toward $40,000, according to analysts at The Motley Fool.

The U.S. Federal Reserve is seeking public feedback on a proposal to remove 'reputation risk' from banking supervision. This could end a controversial practice known as 'crypto debanking' and support the crypto industry.

Standard Chartered analysts have lowered their 2026 Bitcoin price target from $150,000 to $100,000. They project the price could fall as low as $50,000 before a potential recovery.

Despite the current decline, prominent figures like Eric Trump, Brian Armstrong, and Arthur Hayes remain bullish on Bitcoin's long-term prospects. They highlight factors like global liquidity and potential policy responses.