As of February 22, 2026, Bitcoin is deep in correction territory, trading around $67,000 to $68,000 — a drop of more than 40% from its October 2025 all-time high of $126,272. The selloff reflects a mix of macroeconomic turbulence, renewed trade tensions, and mounting pressure on the mining sector.
Recent Market Dynamics
Sharp Pullback, Partial Stabilization
After sliding to nearly $60,000 late last week amid concerns over proposed 15% global tariffs, Bitcoin has managed to rebound modestly and consolidate near the $68,000 level. However, volatility remains elevated and conviction appears thin.
Mining Sector Under Strain
Rising network difficulty — up nearly 15% — has significantly compressed mining margins. Some operators have been forced into aggressive balance sheet adjustments. Bitdeer Technologies, for example, reported that it liquidated its entire Bitcoin treasury, highlighting the financial strain facing parts of the industry as profitability declines.
Shifting Sentiment
The once-dominant “number go up” narrative has weakened considerably. Retail enthusiasm has cooled, bearish positioning has increased, and more extreme downside rhetoric — including renewed “Bitcoin to zero” commentary — has resurfaced in some corners of the market.
Institutional Positioning Evolves
Institutional conviction appears mixed. Strategy (formerly MicroStrategy) continues to maintain a substantial Bitcoin position, signaling long-term commitment. In contrast, spot Bitcoin ETFs have recorded five straight weeks of net outflows, suggesting softening demand among broader investment flows.
Regulatory Pressure Builds
Authorities in the U.S. and U.K. have intensified enforcement actions against large-scale cryptocurrency scam networks operating in Southeast Asia, adding another layer of scrutiny to the digital asset ecosystem.
What’s Next?
With macro uncertainty still elevated and trade policy developments in flux, Bitcoin lacks a clear catalyst for a decisive move in either direction. Market participants are closely monitoring U.S. economic data, policy signals, and broader risk sentiment to determine whether the current consolidation marks a base — or merely a pause in a deeper correction.