Patience is certainly being tested in today’s market.
From a technical perspective, things have become more bearish.
After two weeks of tight consolidation, the overall crypto market fell 3.81% on February 23, wiping out $90 billion and shifting momentum to the downside.
Notably, more than 60% of these outflows came from Bitcoin [BTC]confirming that the move was largely led by BTC. As a result, when BTC lost the $65,000 range, it triggered a new wave of long liquidations, indicating that bears have taken control, at least for now.
Source: TradingView (BTC/USDT)
That begs the obvious question: Is $60,000 now the short-term bottom?
So far, spot market demand has not shown a strong response.
Meanwhile, Bitcoin ETF flows remain negative, indicating a lack of dip buying. In other words: the market shows no strong signs of conviction yetThis could mean that investors are waiting for a deeper pullback before taking action.
And with patience already running out, this setup only adds more pressure. If buyers don’t show up soon, the risk of a capitulation wave increases. In that context, it may be premature to label $60,000 as a definitive low.
The declining support is testing the resilience of Bitcoin miners
The cost of mining a Bitcoin is an important metric to keep an eye on.
Right now, the “electrical cost” of Bitcoin has dropped to about $53,500, down from $60,000 a month ago and $71,000 in Q4 2025. Simply put, it’s getting cheaper to mine BTC. That usually happens when weaker miners shut down and network problems become lower.
Historically, BTC has tended to find a floor above its electricity costs weaker miners leavesupply pressure decreases and prices begin to stabilize. In that context, the $60,000 level still seems to be a reasonable support zone.
Source: TradingView
However, the current setup makes things a bit difficult.
Spot market demand is still weak, limiting any upside momentum and increasing the risk of a deeper pullback. As a result some analysts think electricity costs could drop closer to $45,000 before Bitcoin actually bottoms out.
Simply put, the risk of miners capitulating has not completely disappeared. Unless spot buyers come in with real conviction and production costs stop falling, the $60,000 level looks shaky, making the risk of bankruptcy hard to ignore.
Final summary
- Bitcoin has lost key support, ETF flows remain negative and spot buyers are not intervening, making $60,000 look like vulnerable support rather than a confirmed bottom.
- BTC’s electricity costs have fallen to $53.5k and could fall towards $45k, indicating continued stress among miners, meaning capitulation risk has not completely disappeared.