Bitcoin Is on Track for Its Worst Monthly Decline Since 2022
Meanwhile, the total market value of all cryptocurrencies fell by more than $120 billion between Monday and Tuesday, according to CoinGecko.
Quick overview
- Bitcoin's price has fallen 3.6% to $63,484.35, marking a potential worst monthly decline since 2022.
- The cryptocurrency is down over 19% in February and is nearing its fifth consecutive monthly decline, the longest since 2018.
- Rising global uncertainty and a lack of short-term catalysts are contributing to Bitcoin's bearish outlook.
- The total market value of all cryptocurrencies has decreased by more than $120 billion recently.
The world’s leading cryptocurrency continues to slide, fueling fears that it could break through key support levels.
Bitcoin (BTC) extended its losing streak on Tuesday, falling 3.6% to $63,484.35, as it heads toward its worst monthly decline since 2022 — a year marked by a series of corporate collapses across the crypto industry.
The cryptocurrency briefly dropped as low as $62,858, and is now down more than 19% in February, putting it on track for its worst monthly performance since June 2022. That period was defined by the implosion of the TerraUSD project, which triggered a cascade of bankruptcies, including hedge fund Three Arrows Capital and crypto lender BlockFi.
Adding to the bearish outlook, Bitcoin is approaching its fifth consecutive monthly decline, which would mark its longest losing streak since 2018 — another brutal chapter for crypto markets, following the collapse of initial coin offerings after the sector’s early boom.
What’s behind Bitcoin’s decline?
The latest leg of the downturn has been shaped by rising global uncertainty following a ruling by the U.S. Supreme Court that struck down Donald Trump’s tariff program. Markets were further unsettled after Trump announced a new 10% global tariff on imports for 150 days, along with a rate increase to 15%, the maximum allowed under the relevant statute.
Despite the narrative of Bitcoin as “digital gold,” it continues to trade like a risk asset. When macroeconomic fears intensify, capital flows toward traditional safe havens — and Bitcoin is not yet perceived as one of them. This is compounded by the absence of short-term catalysts that could restore investor confidence.
Spot Bitcoin ETFs listed in the United States recorded outflows of more than $200 million on Monday, while bearish hedging demand in the options market is running at roughly twice the level of bullish positioning, according to data from Deribit.
From a technical perspective, the next major support level sits at $60,000, with Bitcoin moving steadily closer to its 200-week moving average at $58,503. A break below the $58,000–$60,000 support zone would likely open the door to a deeper correction.
Meanwhile, the total market value of all cryptocurrencies fell by more than $120 billion between Monday and Tuesday, according to CoinGecko.
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