Bitcoin dropped below the critical $66,000 support level for a second consecutive session, sliding to an intraday low of $65,312 as selling pressure intensified across the market.
The decline has heightened fears of a broader correction towards the $60,000 psychological floor, with Standard Chartered warning the cryptocurrency could fall as low as $50,000 before stabilising.
The bank’s analysts have revised their year-end 2026 price target down to $100,000 from $150,000, marking their second downgrade in three months as institutional sentiment shifts decisively bearish.
The latest move comes after bitcoin has shed roughly 7% since February 9, fuelling speculation that the market may be entering a renewed crypto winter phase.
Pressure was compounded by $276.3 million in net outflows from US spot bitcoin exchange-traded funds and on-chain data showing a Satoshi-era whale transferring around 12,500 BTC to exchanges, signalling potential liquidation.
Despite the weakness, exchange outflows have also spiked, suggesting some large holders are moving coins into long-term cold storage, while Binance confirmed it completed a $1 billion bitcoin conversion for its Secure Asset Fund for Users.
Market sentiment remains fragile, with the Fear and Greed Index registering an extreme fear reading of six as some analysts now warn that a deeper retracement towards $40,000, levels last seen in early 2024, cannot be ruled out.
At the time of reporting, Bitcoin price was $66,255.14.