#我在Gate广场过新年 Bitcoin Plunge Shock: $66,000 Tug-of-War, Deleveraging Frenzy, and Confidence Collapse (Key Levels Included)

As of February 23, 2026, Bitcoin has been fluctuating around $66,000, down approximately 50% from the October 2025 peak of over $120,000. A deep correction driven by the resonance of leverage, capital, macroeconomic factors, and fundamentals is sweeping through the crypto market.

In recent months, over $19 billion in long leverage liquidations have occurred, triggering a chain of liquidations that caused a "kill more than kill" scenario, with selling pressure self-reinforcing; the US spot Bitcoin ETF has seen nearly $8 billion in net outflows since its peak, as institutional buying wanes, and the market loses a key support. On the macro front, expectations of Federal Reserve rate cuts have cooled, the dollar has strengthened, and the US has explicitly stated "not rescuing Bitcoin," completely shattering hopes of policy-backed support.

What further shocks market confidence is: MicroStrategy, the world's largest Bitcoin holder, is sitting on a billion-dollar loss, and its founder has for the first time mentioned that "selling Bitcoin is also an option," shaking the conviction of long-term holders and spreading panic.

🔥 Key Support/Resistance (USDT)

- Short-term Resistance: 67,000 → 68,500 → 69,500

- Strong Resistance: 70,000 → 72,000 → 75,000 (Breaking 75,000 could reverse the downtrend)

- Short-term Support: 65,000 → 64,000 → 62,500

- Strong Support/Lifeline: 60,000 (if lost, look to 56,000–52,000)

⚠️ Core Risk Warning

- Liquidity Gap: 66,000 → 60,500, with concentrated selling pressure, prone to sharp drops

- Effective breakdown of 65,000 opens downward space; exercise caution when bottom fishing

- Weekend low volatility + high-precision calculations, leverage risks are maximized; strictly control positions and stop-losses

The current market is in the tail end of deleveraging and a vacuum period of confidence rebuilding. The fight for the 65,000–70,000 range is intense, and short-term movements are still mainly driven by capital flows, macro policies, and whale activities. In such high volatility, respecting risks and controlling positions remain the core strategies.