February 23rd: In-Depth Analysis of This Bitcoin Crash

First, let's talk about leverage
This rapid decline is a classic example of high leverage triggering a chain reaction of liquidations
Long positions were forced to close, triggering further price drops
Price declines then caused more long liquidations, ultimately leading to a death spiral

Looking at the macro environment, everything has changed
The market was originally betting on significant rate cuts in 2026, but that expectation has now been largely invalidated
Plus, the US Treasury Secretary reiterated the【Strong Dollar】policy
The US dollar index rebounded directly

Trump increased tariffs from 10% to 15%
Global risk aversion sentiment intensified
The problem is, Bitcoin has completely lost its safe-haven attributes this time
It's a high-volatility risk asset through and through
As risk appetite wanes, the first to be discarded is it

Institutions are also pulling out
Bitcoin spot ETF net outflows have continued for three months, totaling $4.8 billion
Without long-term capital support, liquidity naturally dries up
Market depth has shrunk by over 30% from the October high last year
In a low-liquidity market, even a small order can smash the price through

Geopolitical conflicts are still fermenting, gold has hit new all-time highs
But Bitcoin is crashing down
Its correlation with gold has dropped to -0.15
The so-called【Crisis Safe-Haven】narrative has been thoroughly disproven this time
Where did the money go? Clearly
Back into gold, US Treasuries, and all other safe assets

Finally, let's revisit the technical side
The 65,000 level is a widely recognized psychological threshold
And also a support level for the medium-term trend
Once it is effectively broken
Retail stop-loss orders, panic selling, algorithmic sell-offs all flood out

The Fear & Greed Index has plummeted to 6, entering【Extreme Fear】
In this emotional state, once a negative feedback loop forms
The more it drops, the more people sell; the more they sell, the further it drops—no one knows where the bottom is

This decline is not just a simple correction
It’s the result of multiple logical resonances:
Macro shifts, leverage liquidations, liquidity exhaustion,
Disproven safe-haven narratives, key support levels broken

What’s next?
It depends on whether new narratives can restore confidence
Let’s wait and see

$BTC ‌#特朗普宣布新关税政策