Bitcoin below $65,000: whale selling and U.S. tariff fears shake the crypto market

A new wave of selling has hit the cryptocurrency market. On February 23, 2026, Bitcoin fell below the psychological threshold of $65,000, touching an intraday low around $64,400 before partially rebounding toward $66,000. The decline over the past 24 hours stands at around 3%, but the move takes on broader significance in light of the macroeconomic backdrop and on-chain flows.

The sell-off was primarily triggered by renewed concerns over U.S. tariffs. Reports of new 15% trade duties have reignited risk aversion across global markets, prompting investors to reduce exposure to more volatile assets, including cryptocurrencies. At the same time, gold benefited from defensive buying, confirming a rotation toward safe-haven assets.

Within the crypto market itself, blockchain data show an increase in large BTC transfers to exchanges—a typical sign of profit-taking by so-called “whales.” The selling sparked a domino effect on leveraged positions, with hundreds of millions of dollars in long contracts liquidated within a few hours, amplifying volatility.

The weakness has not spared major altcoins. Ethereum has slipped to around $1,900, down more than 3%, while Solana has posted steeper losses, hovering near $80. Among tokens with a stronger retail component, Dogecoin has fallen below $0.10, reflecting the broader risk-off environment.

The total digital market capitalization has recorded a significant contraction, with volumes rising during the downturn—an indication of prevailing selling pressure. From a technical perspective, the $65,000 area for Bitcoin now represents a key support level: a decisive break could open the way toward $60,000, while consolidation above that level would help restore confidence among market participants.

The overall picture remains dominated by macroeconomic uncertainty and the crypto sector’s sensitivity to speculative flows. After months of sustained gains, the market is now facing a consolidation phase that tests the strength of demand and the resilience of medium-term technical levels.

Andrea Pelucchi