News

Gelonghui, February 24th｜UBS has raised the target price of CBRE Group from $175 to $185, and upgraded the rating from "Neutral" to "Buy".

Gelonghui, February 24th｜Piper Sandler has raised the target price of Bristol-Myers Squibb from $66 to $75, maintaining an "Overweight" rating. (Gelonghui)

BlockBeats News, February 24, Min Jung, Associate Researcher at Presto Research, stated that bitcoin falling below $63,000 seems to reflect a broad deterioration in sentiment across the cryptocurrency market, rather than a single fundamental catalyst. In the short term, macro headlines—especially those surrounding tariffs and the re-emergence of geopolitical uncertainty—are intensifying risk-off sentiment in digital assets. Jung added: "It is noteworthy that even as traditional risk assets remain relatively resilient, cryptocurrencies have performed poorly recently. This divergence suggests that the sell-off is not purely driven by macro factors, but also reflects weak marginal demand, thinning liquidity conditions, and ongoing deleveraging within the native crypto market." Andri Fauzan Adziima, Head of Research at an exchange, said: "We have seen large-scale long liquidations, with hundreds of millions of dollars wiped out, funding rates remaining negative, open interest dropping sharply, and the futures market showing a clear bearish bias. Short-term holders have suffered heavy losses, but long-term holders have not yet started large-scale selling; on-chain HODL signals indicate that some are quietly accumulating during this strategic risk-off process." Adziima pointed out that the $60,000-$63,000 range is a key support area for bitcoin. If the price can hold at or above this level, the market may benefit from the pain inflicted on shorts by negative funding rates, creating conditions for a classic "post-washout short squeeze." The analyst added that potential relief in macroeconomic conditions or the return of ETF inflows could further support this trend. Adziima stated that, on the other hand, if it falls below $60,000, in the worst-case scenario, as the macro backdrop deteriorates and cascading liquidations accelerate, it could open the door to a drop toward the mid-$55,000s or even as low as $47,000. Adziima said: "At that point, we may eventually force some long-term holders to capitulate, turning this into a deeper bear market extension before the true cycle bottom arrives."