Bitcoin hits lowest since February as crypto competes with big IPOs
The Bitcoin symbol is seen at a kiosk in Krakow, Poland, on February 20, 2026.
Jakub Porzycki | Nurfoto | Getty Images
bitcoin It fell to its lowest levels since February on Wednesday as other asset classes continued to push investors away from cryptocurrencies.
The world’s largest cryptocurrency fell 2.3% to $65,385. This came after that S&P 500 And Nasdaq 100 The records were closed on Tuesday. Asian stocks were mostly higher as Japan’s Nikkei 225 hit a record high on Wednesday.
“The broader issue is liquidity rotation,” according to the trading desk at QCP. “Crypto faces competition for capital as equity markets continue to outperform, with both crypto-native investors and traditional asset managers turning to stronger equity narratives.”
QCP said investors can unlock liquidity from Bitcoin for opportunities in private markets or through initial public offerings such as SpaceX, OpenAI and Anthropic. In particular, IPOs are among the most anticipated market events of the year.
As for levels, experts are eyeing the mid-$60,000 range for initial action, if Bitcoin breaks this support it could see a much sharper decline.
“Bitcoin needs to hold around $65,000,” BTIG technical strategist Jonathan Krinsky said. This is “really the last bastion of support before a test of year-to-date lows around $60,000.”
QCP expects a similar situation.
“We see initial support around $63,000 to $64,000, where it previously emerged in February and March,” the digital asset trading company said. “A break below this will focus on $62,000, followed by the more important psychological level of $60,000 and the current cycle lows. Beyond that, $58,000 will be the next major support.”
