Bitcoin price analysis: Can whales stabilize the floor amid hashrate strain?

Bitcoin traded inside a defensive absorption vary between $67,000 and $68,000 as volatility compressed. Help held close to $65,000–$67,000, whereas resistance capped value close to $70,000–$72,000, reinforcing directional hesitation.

In the meantime, the MVRV Z-Rating hovered near 0.41, whereas the MVRV Ratio sat round 1.21, indicating subdued holder profitability. The Glassnode chart confirmed BTC remained far under prior cycle high zones above 7.0 on the MVRV Z-Rating.

Supply: Glassnode

Thereafter, declining Spot Volumes mirror weakening participation, whereas a hashrate close to 940–955 EH/s pushes miners to liquidate reserves.

Progressively, long-term holders take in this provide, proscribing draw back follow-through whereas compressing volatility. This course of reduces free floats and positions costs for stronger bids, constructing towards resistance.

Dip-buyer fatigue emerges whereas aggressive promote movement caps upside

Constructing on the absorption construction, Bitcoin [BTC] rebounded from $60,000 lows but stalled close to $66,500–$67,500 as sellers reasserted management. The Taker Purchase Ratio printed 0.48, its weakest since October 2025, exhibiting aggressive promote orders dominating movement.

As macro inflation fears continued, danger aversion channeled positioning towards shorts, which suppressed the dip that adopted by.

Supply: CryptoQuant

Consumers absorbed provide reactively, but every bounce pale earlier than $70,000 as conviction remained shallow. In the meantime, miners offloaded stock beneath the hashrate pressure, reinforcing overhead stress.

Whale cohorts then stabilized the flooring by accumulating roughly 53,000 BTC per week.

Progressively, this passive absorption prolonged consolidation whereas making ready structurally stronger bids as soon as ratio energy approached 1.0.

ETF redemptions and CVD divergence lengthen BTC’s absorption construction

Extending the absorption construction, institutional demand weakens as ETF redemptions suppress marginal inflows.

Day by day Web Outflows reached $133 million on the 18th of February, led by IBIT printing -$84 million, whereas FBTC recorded -$49 million.

This prolonged a four-week redemption streak, with cumulative weekly losses close to $360 million after January’s influx peak.

As macro fears continued, establishments de-risked and secured income following the 40% correction from October highs. Liquidity situations tightened, which extended market compression whereas eroding dip conviction.

Supply: CoinGlass

Concurrently, CVD divergence reinforces fragility as Spot flows flip adverse and perpetual promoting accelerates. Open interest contracts 55% to $44 billion, reflecting aggressive deleveraging. Funding compresses close to -0.0088%, signaling a muted lengthy urge for food.

Thereafter, liquidations purge extra leverage, stabilizing construction whereas positioning flows for eventual spot-led restoration.

Closing Abstract

• Defensive absorption dominates as capitulating short-term provide transfers to long-term holders and whales, compressing volatility whereas prolonging range-bound situations.
• Institutional outflows and a 55% leverage wipeout suppress restoration momentum, with deleveraging stabilizing construction however delaying flow-driven upside.