Bitcoin Price Decline Sparks Concerns Among Investors

The recent decline in Bitcoin's price has sparked concerns among investors and analysts. On February 24, the leading cryptocurrency hit a low of $62,800, causing a nearly 5% drop in value. This decline is attributed to geopolitical tensions, particularly the increase in US tariffs.

According to Andri Fauzan Adjiima, head of research at Bitrue, the $60,000-$63,000 range is a critical support zone for Bitcoin. If the price holds above or within this corridor, it could create pressure on short sellers and set the stage for a classic squeeze following liquidations.

However, if $60,000 is breached, analysts predict that the asset could move into the $50,000-$55,000 zone or even drop to $47,000. This negative scenario would be driven by worsening external conditions, leading to cascading liquidations and a capitulation of long-term holders.