Bitcoin symbols seen at a kiosk in Krakow, Poland, February 20, 2026.
Jakub Porzycki | Null Photo | Getty Images
Bitcoin It fell to its lowest level since February on Wednesday as other asset classes continued to drive investors away from cryptocurrencies.
The world’s largest cryptocurrency fell 2.3% to $65,385. it came after that S&P500 and Nasdaq 100 Tuesday closed at a record high. Asian stocks generally rose on Wednesday, with Japan’s Nikkei Stock Average hitting a new record high.
According to QCP’s trading desk, “the broader issue is liquidity rotation.” “Cryptocurrencies face competition for capital as stock markets continue to outperform, with both crypto-native investors and traditional asset managers gravitating toward stronger equity narratives.”
Investors may be looking to free up liquidity from Bitcoin and take advantage of opportunities in private markets or initial public offerings of companies such as SpaceX, OpenAI, and Anthropic, according to QCP. IPOs in particular are one of the most anticipated market events of the year.
In terms of levels, experts are eyeing the mid-$60,000 range for an initial move, but if Bitcoin breaks below that support, we could see an even steeper drop.
“Bitcoin needs to stay around $65,000,” said Jonathan Krinsky, technical strategist at BTIG. This is “just the last bastion of support before testing the year-to-date lows near $60,000.”
QCP anticipates a similar situation.
“We see initial support around $63,000 to $64,000, with bids previously emerging in February and March,” the digital asset trading firm said. “A break below this will bring attention to $62,000, followed by the more important psychological level of $60,000 and the current cycle low. Above that, $58,000 will be the next major support.”
