Bitcoin dipped toward the $62,000 level during Tuesday’s trading session, extending a broader pullback that has weighed on the crypto market through late February. 

The move came as prediction markets sharply reduced the probability of a meaningful rebound before month-end, signaling growing scepticism around near-term upside.

According to data, Bitcoin briefly traded just above $62,500 before stabilizing near $64,000, down modestly on the day but still locked in a clear short-term downtrend. 

The latest decline follows weeks of lower highs and persistent selling pressure that have dragged the asset down from January peaks.

Bitcoin price weakness persists into late February

Bitcoin’s recent price action shows little sign of structural recovery. The asset has repeatedly failed to reclaim key resistance zones, with each attempted bounce followed by renewed selling pressure.

Trading volume has picked up during downside moves, suggesting that rallies are being used as exit points rather than accumulation opportunities.

This pattern has kept Bitcoin trapped below key technical levels, reinforcing a cautious tone across the market.

Polymarket traders slash odds of a February breakout

The loss of momentum is increasingly visible in derivatives-driven sentiment. On Polymarket, traders have sharply repriced expectations for Bitcoin’s February performance.

Contracts betting on Bitcoin closing the month above major upside thresholds—such as $80,000, $90,000 or higher—now carry odds of 2% or less. Even moderately bullish outcomes have been largely discounted as the month draws to a close.

Downside scenarios gain traction as sentiment cools

At the same time, lower price outcomes have gained relative traction. The probability of Bitcoin trading at or below $60,000 by the end of February currently stands at around 23%, despite the asset still holding slightly above that level.

While not a dominant forecast, the shift highlights how rapidly sentiment has cooled following repeated failed rebounds earlier in the month. The repricing reflects growing caution rather than outright panic.

Broader crypto market shows risk-off behavior

The cautious tone is not limited to Bitcoin. Ethereum and other major cryptocurrencies have posted similar intraday declines, reinforcing a broader risk-off reset across digital assets.

Meanwhile, stablecoins have remained largely flat, suggesting that capital is moving to the sidelines rather than rotating into alternative crypto assets. This behaviour typically signals uncertainty rather than conviction in either direction.

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Final Summary

• Bitcoin’s slide toward $62,000 aligns with a sharp drop in Polymarket odds for a February rebound, underscoring fading bullish confidence.
• With upside scenarios largely priced out, traders appear positioned defensively as February draws to a close.

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