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Bitcoin has retraced sharply and slipped back toward the $65,000 mark after failing to sustain momentum above $68,800. The decline comes amid a larger risk-off environment with weakness in technology stocks and renewed strength in precious metals.
BTC price is currently below $66,061 with 1.61% decline in the last 24 hours and it reinforces short-term bearish pressure.
The recent price correction coincided with significant outflows from US spot Bitcoin ETFs, which recorded approximately $410.32 million in net outflows yesterday.
All twelve ETFs saw net outflows, with Blockrock’s IBIT leading with $157.57 million.
Despite a wider contraction in ETF activity since October, total ETF holdings have declined only 6.6% even as Bitcoin’s price has fallen close to 50% from late-2025 highs.
The data indicate that long-term investors may be accumulating selectively during volatility.
BTC trades below $67,000 after facing rejection around key levels. With bearish momentum persisting and prices staying weak the cryptocurrency continues to show no clear signs of a sustained recovery.
Bitcoin could extend its decline if it closes below $65,500. Bitcoin price was rejected near the daily resistance level at $73,072 on Sunday and posted four consecutive red candlesticks. It declined 5.5% through Thursday.
If BTC closes below $65,520 it could extend the decline toward the February 6 low at $60,000.
The Relative Strength Index on the daily chart is at 30. It points downward toward the oversold territory and suggests bearish momentum is gaining traction.
The Moving Average Convergence Divergence (MACD) shows a bearish crossover. So there might be a continuation of the downward trend.
But if BTC recovers it could extend the advance toward the resistance at $73,072.
Bitcoin is also testing its 2022-anchored Volume-Weighted Average Price (vWAP) around $63,885. Sustained consolidation above this level could signal stabilization.
Also Read: BTC Plunges to $66,000 as ‘Trump Effect’ Rally Reverses
Bitcoin’s market capitalization has slipped to approximately $1.32 trillion. This highlights systemic capital outflows across the crypto sector.
The drawdown mirrors broader equity market weakness, particularly in Technology stocks, highlighting Bitcoin’s increasing correlation with the tech sector.
The current setup echoes early-2022 breakdown patterns which led to extended declines. However, some analysts draw parallels to 2018 when prolonged consolidation preceded a structural bottom.
The coming weeks will likely decide if $65,000 is a base for accumulation or a gateway to deeper correction.
