Bitcoin experienced a sharp 5% decline from $67,730 to $64,290 on February 22nd, leading to over $200 million in leveraged long position liquidations. Analysts note the cryptocurrency has been trading in a narrow range near $65,000, a critical floor for market bulls, while on-chain data points to persistent selling pressure from U.S. investors and whales.
Bitcoin’s price fell 5.08% from $67,730 to $64,290 on Sunday, February 22nd. The move liquidated $206 million in long positions compared to just $4.8 million in shorts.
The price has since bounced back above $65,000, a level analysts are watching closely. Stephen Coltman, Head of Macro at 21shares, stated “bulls will be wanting to see 65k hold as a floor.”
A crypto analyst warned of continued volatility to start the week. They pointed to geopolitical tensions and a potential global tariff as reasons for bearish uncertainty.
The analyst further expected the weekly chart’s candlewick down to $60,000 would be filled in the coming weeks. This outlook is reinforced by recent market data showing seller dominance.
Exchange netflow has been predominantly positive for the past month. Furthermore, the Coinbase Premium Index has been negative for most of 2026, indicating consistent selling from U.S.-based investors.
The whale inflow ratio also remains elevated, highlighting significant distribution activity. This metric filters for the largest transactions moving onto exchanges.
Together, these on-chain signals suggest sustained selling pressure is present. Swing traders may therefore maintain a cautious short-term outlook based on the current data.
