How many more chances are there to reverse course? What happened in February 2026?

Bitcoin experienced a cliff dive at the beginning of the month, with prices consecutively breaking through the critical levels of $70,000 and $65,000. On February 6th, it broke below $60,000, hitting a 15-month low. In four months, its market capitalization evaporated by over one trillion dollars, triggering a chain collapse in the global crypto market. The core reasons for the plunge are as follows:

Macro "Black Swan": Market expectations for Federal Reserve monetary policy underwent a major shift. The anticipated continued rate cuts did not materialize; instead, more aggressive balance sheet reduction signals emerged. The strengthening dollar index drew funds away from the crypto market, with Bitcoin bearing the brunt.
Institutional Exit: ETFs under firms like BlackRock experienced rare, continuous net outflows. When prices fell below certain institutional cost basis levels, automatic reduction triggers and safe-haven sell-offs formed a bearish force. Retail investor confidence was fragile, leading to a series of liquidations.
Market Anomalies: Bitcoin's movement was highly correlated with the Nasdaq 100 index. As AI sector valuations retreated and tech stocks came under pressure, Bitcoin lost its status as an "independent safe-haven asset." Coupled with regulatory fluctuations and mishaps in major trading markets like South Korea, market turbulence intensified.
Leverage Bubble Burst: The market generally operated with 50 to 100x leverage, with a 5% price fluctuation triggering forced liquidations. In early February, prices repeatedly broke below key support levels, causing programmed stop-losses and chain liquidations, creating a vicious cycle of "decline → liquidation → accelerated decline."