Bitcoin consolidated defensively between $67,000 and $68,000 as weakening demand and institutional outflows prolonged its range-bound structure. Key metrics like the MVRV Z-Score and Taker Buy Ratio indicated subdued holder profitability and dominant selling pressure, while spot Bitcoin ETFs recorded significant daily redemptions.
Bitcoin traded within a tight range between $67,000 and $68,000, with support near $65,000 and resistance capping moves toward $70,000. This reflected a market in directional hesitation, as on-chain data showed the MVRV Z-Score at 0.41, far below prior cycle peaks.
The Taker Buy Ratio printed 0.48, its weakest since October 2025, indicating aggressive sell orders were dominating market flow. Miner selling under hashrate pressure reinforced this overhead resistance, though whale accumulation provided a stabilizing floor.
Institutional demand weakened, with spot Bitcoin ETFs seeing daily net outflows of $133 million on February 18th. iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the redemptions, extending a four-week streak of withdrawals.
Simultaneously, open interest contracted by 55% to $44 billion, reflecting significant deleveraging across derivatives markets. This purge of excess leverage acted to stabilize the market structure despite delaying any immediate recovery.
