Kuala Lumpur,El Sky News Bitcoin plunged sharply on February 5-6, 2026, falling below the key $65,000 support level as the market sees heavy selling pressure. This move pushed BTC toward one of its worst one-day drawdowns since the 2022 FTX crash, with prices dipping to levels not seen since late 2024.
Key Facts:
- BTC fell below $65,000 mid-day on Feb 5, marking an accelerated sell-off from higher levels earlier in the week.
- This represents one of the steepest single-day declines in years, with prices approaching $60,000 support as analysts track deeper downside risk.
- The cryptocurrency has now declined nearly 50% from its recent all-time high around $126,000 reached in late 2025.
- Mass liquidations and bearish investor sentiment have exacerbated the drop, with leveraged positions unwinding and key support levels breached.
Market Impacts:
- The sharp BTC drop has contributed to wider crypto market turmoil, including heavy losses in other major coins and significant liquidations.
- Sentiment turned risk-off as traditional markets also sold off, further pressuring crypto assets.
Analyst Views:
- Some technical analysts warn this could signal a broader bear market phase or structural breakdown unless key support levels near $58,000–$60,000 hold.
Bottom Line:
Bitcoin’s current slide is one of the most dramatic corrections in recent memory, bringing heightened volatility and cautious sentiment across markets — a moment many traders won’t forget soon.
