Bitcoin: As $65K floor faces mounting pressure, is $60K BTC’s next stop?

ambcryptoPublished on 2026-02-23Last updated on 2026-02-23

Abstract

Bitcoin (BTC) experienced significant volatility, dropping 5.08% to $64,290 on February 22, leading to $206 million in long liquidations. Analysts highlight the critical $65,000 support level, warning that a break below could push BTC toward $60,000 in the coming weeks. Key metrics indicate sustained selling pressure: positive exchange netflows, a negative Coinbase Premium Index reflecting U.S. investor selling, and a high whale inflow ratio. While short-term traders may maintain a bearish bias, a move above $70,000 could signal exhaustion of the current downtrend.

On the 22nd of February, Bitcoin [BTC] fell 5.08% from $67,730 to $64,290. This kind of volatility towards the end of Sunday has been a recurring theme in recent weeks.

Even so, it caught many traders unawares. According to CoinGlass, $206 million worth of long BTC positions were liquidated in the past 24 hours, and only $4.8 million in short positions.

These figures were tame compared to what was recorded on the 6th of February. Bitcoin is likely headed to $60k once again. At the time of writing, BTC has bounced back above $65k.

Speaking to AMBCrypto, Stephen Coltman, Head of Macro at 21shares, asserted the importance of the $65k floor.

“Bitcoin has been trading within a narrow range for the past two weeks between 65k and 70k, and bulls will be wanting to see 65k hold as a floor. Conversely, a sustained move above 70k would indicate the recent selling may have exhausted itself.”

Bitcoin bulls battle against seller dominance

A crypto analyst warned of a volatile Monday to start the week off. A 15% global tariff and escalation to the U.S.-Iran conflict were pointed to as some reasons why bearish uncertainty prevailed.

The weekly timeframe’s candlewick to $60k left behind earlier in the month was likely to be filled over the next 2-3 weeks, the analyst expected.

This expectation was reinforced by the seller’s dominance recently. The exchange netflow has been positive for the better part of the past month.

Additionally, the Coinbase Premium Index was negative throughout 2026, except for just two days.

The metric measures the price gap between the BTC/USD pair on Coinbase and the BTC/USDT pair on Binance. Hence, it reflected sustained selling pressure from investors based in the United States.

Moreover, the whale inflow ratio remained high. It measures the BTC inflows from the 10 largest transactions to the total inflows. This way filters out whale transactions, and the weekly moving average makes trends more visible.

Therefore, the extremely elevated 7DMA whale inflow ratio reinforced the seller dominance. Overall, swing traders can maintain a bearish bias. Long-term investors can remain sidelined.

Final Summary

  • The short-term range between $65k and $70k might be broken over the next two to three weeks as the $60k target becomes more likely to get tagged.
  • A high whale inflow ratio and persistently negative Coinbase Premium reflected distribution trends.

Related Questions

QWhat was the Bitcoin price movement on the 22nd of February and what was the percentage drop?

AOn the 22nd of February, Bitcoin fell 5.08% from $67,730 to $64,290.

QAccording to CoinGlass data, how much in long BTC positions were liquidated in the 24 hours following the price drop?

AAccording to CoinGlass, $206 million worth of long BTC positions were liquidated.

QWhat key price level did Stephen Coltman from 21shares identify as an important floor for Bitcoin?

AStephen Coltman, Head of Macro at 21shares, asserted the importance of the $65k floor.

QWhat two metrics were cited as evidence of sustained selling pressure and distribution trends?

AThe high whale inflow ratio and the persistently negative Coinbase Premium Index were cited as evidence of selling pressure and distribution trends.

QWhat is the analyst's price target and expected timeframe for Bitcoin to reach it?

AThe analyst expected Bitcoin to reach the $60k target over the next 2-3 weeks.

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