Bitcoin fell towards the $62,000 level during Tuesday’s trading session, extending a broader pullback that has weighed on the crypto market through the end of February.
The move came after prediction markets sharply reduced the chances of a meaningful recovery before the end of the month, signaling growing skepticism about the near-term upside.
According to data, Bitcoin briefly traded just above that $62,500 before stabilizing nearby $64,000a modest decline on the day, but still anchored in a clear short-term downward trend.
The latest decline follows weeks of lower highs and continued selling pressure that has dragged assets down from January peaks.
Bitcoin’s price weakness will continue until the end of February
Bitcoin’s recent price action shows little sign of structural recovery. The asset has repeatedly failed to reclaim key resistance zones, with each recovery attempt followed by renewed selling pressure.
Source: TradingView
Trading volume has increased during downturns, indicating that rallies are being used as exit points rather than accumulation opportunities.
This pattern has trapped Bitcoin below key technical levels, reinforcing the cautious tone in the market.
Polymarket traders lower the chances of a breakout in February
The loss of momentum is becoming increasingly visible in derivatives-driven sentiment. On PolymarktTraders sharply revised expectations for Bitcoin’s performance in February.
Contracts that bet on Bitcoin closing the month above major upside thresholds, such as $80,000, $90,000 or higher – now have a chance of 2% or less. Even moderately bullish results have been largely discounted as the month draws to a close.
Downside scenarios are gaining ground as sentiment cools
At the same time, lower price results have gained relative popularity. The probability of Bitcoin trading at or below price $60,000 at the end of February is currently around 23%despite assets still being slightly above that level.
Source: Polymarkt
While not a dominant forecast, the shift highlights how quickly sentiment has cooled after repeated failed rebounds earlier this month. The price revision reflects increasing caution rather than outright panic.
The broader crypto market is exhibiting risky behavior
The cautious tone is not limited to Bitcoin. Ethereum and other major cryptocurrencies have posted similar intraday declines, reinforcing broader risk reduction for digital assets.
Meanwhile, stablecoins have remained largely flat, indicating capital is shifting to the sidelines rather than focusing on alternative crypto assets. This behavior usually indicates uncertainty rather than conviction in any direction.
Final summary
- Bitcoin’s drop to $62,000 corresponds with a sharp drop in Polymarket’s odds for a February recovery, underscoring waning bullish confidence.
- With upside scenarios largely priced out, traders appear defensively positioned as February draws to a close.