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Bitcoin traded near $68,538 on February 13 in early Friday trading after a sharp swing that took it as low as $65,148. Investors watched the $74,000 level as a key resistance area, but fresh selling signals raised questions about any near-term rebound.
On-chain alerts flagged a large Bitcoin whale moving coins to an exchange, while US spot Bitcoin ETFs reported another day of heavy outflows.
Blockchain tracker Lookonchain reported that one large holder deposited 8,200 BTC, valued at about $559 million, into Binance over the past two days. The deposits drew attention because prior transfers from the same wallet coincided with short-term price declines.
The latest activity came as Bitcoin struggled to hold above the mid-$60,000 range. Lookonchain said Bitcoin fell more than 3% after a previous deposit from that wallet, sliding from near $69,000 toward $65,000. Traders often treat large exchange deposits as potential sell-side supply because holders can sell faster once funds reach an exchange.
Bitcoin price traded near $66,000 on Thursday and briefly dipped to $65,250. Analysts said long-term holders sold around breakeven, not at deep losses. They noted that prior bear-market lows formed after long-term holders absorbed 30% to 40% losses.
US-spot Bitcoin exchange-traded funds recorded $410.4 million in net outflows on Thursday, according to SoSoValue data. Weekly outflows reached $375.1 million, and the funds faced a fourth straight week of losses unless inflows returned on Friday. Assets under management stood at nearly $80 billion, down from almost $170 billion in October 2025.
Farside data showed the largest withdrawals came from BlackRock’s iShares Bitcoin Trust (IBIT) at $157.6 million and Fidelity’s Wise Origin Bitcoin Fund at $104.1 million. Ether ETFs also saw $113.1 million in daily outflows, while XRP ETFs posted $6.4 million in outflows, and Solana ETFs recorded $2.7 million in inflows.
The ETF selling aligned with a revised outlook from Standard Chartered. The bank lowered its 2026 Bitcoin target to $100,000 from $150,000 and warned that Bitcoin could fall to $50,000 before a recovery.
Standard Chartered said, “We expect further price capitulation over the next few months,” and it projected year-end 2026 prices of $100,000 for Bitcoin and $4,000 for Ether.
Market participants continued to frame $74,000 as a key upside hurdle because recent rallies struggled near the low-$70,000s. Bitcoin’s intraday range on February 13 showed sharp volatility, with the session low near $65,148 and a high near $69,123, before it steadied near $68,538.
On-chain analysts also highlighted levels below the spot price. CryptoQuant analysts highlighted Bitcoin’s “ultimate bear market bottom” around $55,000 based on realized price support.
CryptoQuant added that its bull-bear market cycle indicator remained in a bear phase, but it had not entered an “extreme bear” regime that often appears near longer bottoming periods.
In the near term, traders will monitor whether exchange deposits and ETF flows keep pressure on liquidity. A sustained move back above the low-$70,000 region would put $74,000 back in focus, while renewed weakness could shift attention to $65,000, then $60,000, and the $55,000 realized-price reference.
Also Read: Bitcoin Price Trades at $66,400 Amid Consolidation Below $72,000 Resistance
