Bitcoin drops below the $65,000 threshold: Trump's tariffs disrupt the market, will BTC test $60,000?

On February 24, amid increasing uncertainty over the United States’ proposed new round of global trade tariffs, Bitcoin’s price fell below the key psychological level of $65,000, with market risk appetite significantly cooling. Data shows that Bitcoin retreated from a high of approximately $66,465 on Monday to an intraday low of $62,952, a decline of nearly 5% in this period, and a total retracement of about 35% from its high earlier this year, indicating a cautious market sentiment.

This downward move is closely related to expectations that the Trump administration may impose a 10% tariff on multiple countries (potentially raised to 15% via executive order). Historical experience suggests that escalating trade tensions often increase volatility in the crypto markets. The market still remembers that after the U.S. imposed high tariffs on China in 2025, the total crypto market cap shrank significantly within two months, and Bitcoin’s sensitivity to macro shocks once again became a focal point.

In addition to tariff risks, geopolitical tensions are also dampening investor confidence. News about possible U.S. military action against Iran continues to ferment, leading risk-averse funds to flow more into traditional assets like gold rather than digital assets, weakening the narrative of Bitcoin as a safe haven. Meanwhile, breaking below $65,000 triggered dense stop-loss orders and chain liquidations, with total market liquidations in the past 24 hours reaching approximately $369 million, including nearly $152 million in Bitcoin liquidations. The concentration of leveraged long positions being forced out further amplifies volatility.

Funding conditions also show clear signs of weakening. Bitcoin spot ETF experienced net outflows of about $203.8 million in a single day, indicating that institutional funds are adopting a defensive stance in the short term and failing to provide effective support for prices. From a technical perspective, BTC’s daily chart has formed a double top pattern combined with a bearish descending triangle, with MACD approaching a breakdown below zero and Aroon Down remaining high, indicating that bears still dominate.

If the bears continue to exert pressure, $60,000 will become the next key psychological support level and the theoretical target zone for the double top’s measured decline. Once this level is broken, the market could further decline toward the $50,000 range. In the short term, Bitcoin’s price trend, macro policy expectations, ETF fund flows, and derivatives liquidation data will jointly determine whether BTC enters a deeper correction phase in 2026.