Bitcoin extended its decline on February 24, falling to around $63,000 and approaching monthly lows, intensifying pressure on altcoins after breaking the key $65,000 support level.
The crypto market downturn accelerated on February 24 as Bitcoin fell below the critical $65,000 support level and traded near $63,000, marking one of its lowest levels this month. The renewed weakness followed the previous day’s dip below $65,000, which had already triggered a sharp sell-off across altcoins. Earlier, tokens such as Binance Life dropped more than 26% and MYX fell over 16% amid heightened volatility. Market data from Coinglass and reports from BlockBeats indicated bearish funding rates across centralized and decentralized exchanges, signaling sustained negative sentiment in perpetual contract markets as Bitcoin’s decline deepened.