February 24 News: Driven by the increasing “Artificial Intelligence Panic Trading” and worsening macro risk sentiment, the crypto market came under pressure and declined. Ethereum, Solana, and Ripple continued to fall, with major cryptocurrencies generally experiencing an 8% to 11% correction over the week. Bitcoin briefly dropped to around $62,900, down about 2.1% for the day, with a weekly decline of 7.5%. Its price remains confined within the $60,000 to $70,000 range established after the early February surge, and the market is more inclined to see this as a consolidation zone rather than a clear bottom.
Altcoins performed significantly weaker than Bitcoin. Ethereum fell to approximately $1,829, down about 8% for the week; XRP dropped over 10%; SOL declined more than 11%; Dogecoin also approached double-digit corrections. The mainstream altcoins weakened in tandem, reflecting a decline in market risk appetite, with insufficient buying interest outside of Bitcoin and investors becoming more cautious with their allocations.
On-chain analysis firm CryptoQuant pointed out that current altcoin valuations remain near five-year highs, with selling pressure significantly increasing. Holders are actively reducing their positions, and new funds are mainly flowing into larger-cap assets. This structural selling pressure typically does not lead to sharp liquidations but gradually pushes prices lower in a slow decline, making short-term momentum trading difficult to catch rebounds.
Market technicals also remain bearish. Analyst Alex Kuptsikevich believes Bitcoin’s daily chart is forming a bearish descending triangle pattern. If it effectively breaks below the $65,000 central zone, the downtrend could be further confirmed; conversely, if it reclaims the $70,000 level, the bearish outlook would weaken. The $60,000 to $70,000 range has become a key battleground between long-term holders and new entrants.
Meanwhile, a report from Citrini Research suggests that the potential impact of artificial intelligence on industries such as payments, software, and logistics is triggering a reevaluation of tech assets, which in turn is dragging down risk assets. Although the crypto market is not perfectly correlated with stocks, it remains highly sensitive to liquidity tightening and risk aversion. In the context of ongoing contraction of risk capital, if Bitcoin continues to trade within a range without strong rebound signals, its technical structure may gradually tilt bearish. Cryptocurrency market volatility and downward pressure could remain elevated.
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