Bitcoin Price Falls to Lowest Level Since 2024, What's the Trigger?

Liputan6.com, Jakarta - The price of Bitcoin, the world's largest cryptocurrency, experienced massive selling pressure in early February 5, 2026, brought it's value to its lowest level in months, even over a year.

On February 5, 2026, Bitcoin briefly reached USD 62,303.19, its lowest level since November 2024.

The following day, on February 6, 2026, Bitcoin's price fell below USD 63,000, reaching its lowest level since October 2024.

This Bitcoin price correction was triggered by a complex series of factors, ranging from global macroeconomic dynamics, geopolitical tensions, to rapidly changing market sentiment.

JUST IN: Crypto plunges to Extreme Fear at 9, the lowest reading since June 2022 after the Luna/UST collapse. pic.twitter.com/UMR33Fsr2p

— CoinGecko (@coingecko) February 6, 2026

On February 5, 2026, the price of Bitcoin fallen below USD 64,000 and briefly reached USD 62,303.19, its lowest level since November 2024.

This decline continued on February 6, 2026, when Bitcoin traded below USD 61,000, dropping 17.13% in 24 hours, reaching USD 60,338.011719, according to Binance News, its lowest level since October 2024.

Overall, Bitcoin has corrected more than 45 percent since peaking above USD 126,000 in early October 2025.

In the first week of February 2026 alone, the price of Bitcoin fell by approximately 20 percent.

This drop means Bitcoin has lost approximately 50% of its historical peak reached last year.

The sharp decline in Bitcoin prices was largely driven by concerns about the Federal Reserve's (Fed) monetary policy.

The nomination of Kevin Warsh, known for his hawkish views, as the next Fed Chair, sparked market speculation of higher real interest rates and tightening liquidity, as reported by BBC.

The Bitcoin market is highly sensitive to changes in liquidity, so this news triggered a sell-off.

Furthermore, the combination of the Fed's tighter policy, escalating geopolitical tensions in the Middle East, and a strengthening US dollar created a global risk-off sentiment.

Massive withdrawals from institutional ETFs have also contributed to the selling pressure, as analyzed by Deutsche Bank.

In fact, the government of the Kingdom of Bhutan reportedly removed over USD 22 million in bitcoin from its national wallets, fueling speculation of a larger sell-off.

Investors are also beginning to reevaluate bitcoin's practical utility as "digital gold" and a unique store of value amidst uncertain market conditions.

Widespread selling pressure has pushed bitcoin below USD 63,000, erasing all gains made after the US election.

Bitcoin's price correction is not only impactful in itself, but also triggering a domino effect across the crypto market.

Ether (ETH), the second-largest cryptocurrency, fell 23 percent this week, heading for its worst week since November 2022. On February 6, 2026, Ether weakened 14.39% to USD 1,848.53 in the last 24 hours.

Other crypto assets, such as Solana, also felt similar pressure, briefly touched USD 88.42, nearing a two-year low, and fell 24 percent in a week.

The domino effect even spread to traditional assets: silver prices fall 14% in a single day, and gold fell more than 2%.

Technology stocks and cryptocurrency-related companies, such as Coinbase, MicroStrategy, and cryptocurrency mining companies like Marathon Digital, also plummeted more than 10%.