Bitcoin Crashes Below $64K on Algo Dumps and Whale Liquidations
Bitcoin tumbled below $64,000 and even $63,000 on February 24, 2026, wiping out billions in market cap amid suspected algorithmic selling and massive liquidations. A $61 million whale position on HTX got crushed, fueling a cascade of stop-loss triggers. Traders face heightened fear, but dip opportunities emerge amid technical rebound signals.
Blockchain News reported BTC's sharp $2,000 drop below $63,000, erasing $60 billion from crypto market cap in four hours and liquidating $130 million in longs. Blame fell on algorithmic dumps around 10 AM and 8 PM, with no clear negative catalyst, pointing to manipulation amplifying volatility. On-chain data showed liquidation cascades, pressuring prices toward $60,000 support. CryptoAdventure detailed the returning 'death cross' on the three-day chart, where the 50-day SMA crossed below the 200-day, historically preceding 45-52% drops—like to $30,000 targets now. BTC, down 48% from $126,000 ATH, faced added pressure from taker sell volumes spiking to $2.3 billion hourly and $81 million in forced sales, tied to external factors like tariff announcements. CoinDesk highlighted the $61 million HTX whale liquidation on February 22-23, part of a 5% slide below $65,000 as whales sold and U.S. demand stayed negative for 40 days. Fear & Greed hit extremes, with the CoinDesk 20 index dropping 2%. Yet by February 25, partial recovery above $64,000 hinted at exhaustion, though analysts warn of deeper corrections if support fails.
The plunge triggers panic selling among retail traders, liquidating leveraged positions and eroding confidence short-term. However, it creates prime buy-the-dip setups for those eyeing oversold bounces around $60,000-$64,000. Markets remain volatile, with algo influences heightening risks for over-leveraged plays.
Bitcoin's sub-$64K plunge underscores persistent risks from algos and whales, demanding caution. While death cross looms, historical patterns suggest capitulation nears—smart traders prepare for rebounds without chasing highs. Stay vigilant on flows and technicals.