Patience in the current market is definitely getting tested.
From a technical angle, things have turned more bearish.
After two weeks of tight consolidation, the total crypto market dropped 3.81% on the 23rd of February, erasing $90 billion and shifting momentum to the downside.
Notably, 60%+ of those outflows came from Bitcoin [BTC], confirming that the move was largely BTC-led. As a result, once BTC lost the $65k range, it triggered another wave of long liquidations, suggesting that bears have taken control, at least for now.
Source: TradingView (BTC/USDT)
That brings up the obvious question: Is $60k now the near-term bottom?
So far, spot demand hasn’t shown a strong response.
Meanwhile, Bitcoin ETF flows remain negative, pointing to a lack of dip buying. In other words, the market doesn’t yet show strong signs of conviction, which could mean investors are waiting for a deeper pullback before stepping in.
And with patience already wearing thin, this setup only adds pressure. If buyers don’t show up soon, the risk of a capitulation wave begins to build. In that context, calling $60k the definitive bottom might be premature.
Fading support puts Bitcoin miner resilience to the test
The cost of mining a Bitcoin is a key metric to watch.
Right now, Bitcoin’s “Electrical Cost” has dropped to around $53,500, down from $60,000 a month ago and $71,000 in Q4 2025. In simple terms, it’s getting cheaper to mine BTC. That usually happens when weaker miners shut down and network difficulty adjusts lower.
Historically, BTC tends to find a bottom above its Electrical Cost, as weaker miners exit, supply pressure eases, and price begins to stabilize. In that context, the $60k level still appears to be a reasonable support zone.
Source: TradingView
However, the current setup makes things a bit tricky.
Spot demand is still weak, which is limiting any upside momentum and raising the risk of a deeper pullback. As a result, some analysts think the Electrical Cost could drop closer to $45k before Bitcoin actually bottoms.
Simply put, miner capitulation risk hasn’t fully faded yet. Unless spot buyers come in with real conviction and production costs stop sliding, the $60k level looks shaky, and that makes a breakdown risk hard to ignore.
Final Summary
- Bitcoin has lost key support, ETF flows remain negative, and spot buyers aren’t stepping in, making $60k look like fragile support rather than a confirmed bottom.
- BTC electrical cost has fallen to $53.5k and could drop toward $45k, signaling ongoing miner stress, meaning capitulation risk hasn’t fully cleared yet.