As of February 19, the United Arab Emirates has mined $453.8 million worth of Bitcoin and is holding these coins with an unrealized gross profit of about $344 million under a no-selling strategy, according to Arkham Intelligence. In contrast, Bhutan, which once accumulated over 13,000 BTC through secret mining, has recently been selling its holdings, including a $22.4 million transfer in the past week. Other nations such as El Salvador and Ethiopia are also scaling state-linked Bitcoin mining and infrastructure efforts.

On-chain data from Arkham indicates UAE-linked Bitcoin miners have produced about $453.6 million worth of BTC and kept most of it on-chain. Arkham also reports no significant wallet outflows over the past four months. The MIREV revenue gauge on TradingView remains above capitulation levels, suggesting miners are not facing acute stress.

Public Bitcoin miners are preparing roughly 30 GW of AI-oriented power capacity, nearly triple the 11 GW they run today, to navigate tighter margins after the 2024 halving. Some operators, including HIVE Digital, report growing AI/HPC revenue, while investors urge faster pivots; market volatility since Q4 saw Bitcoin drop below $60,000 before stabilizing in February.

Bitcoin traded in a narrowing band around intraday lows of $65,620 on Thursday while cross‑crypto liquidations over 24 hours reached $210 million. Analysts highlighted weak bounces, clustered liquidation levels between $64,000–$71,000 and four weeks of fund outflows totaling $3.74 billion as signs of persistently bearish sentiment.

Bitcoin remains under pressure as market structure shifts toward a downtrend, with rebounds looking corrective and momentum subdued. On higher timeframes, price trades below major averages within a descending channel, with $60K acting as key support and $73K–$76K as near-term resistance. A reclaim of $75K–$80K would be needed to alter the broader bearish bias.

Minutes from the Federal Reserve's January 2026 meeting indicate officials would consider raising rates again if inflation remains above target, challenging earlier expectations for steady cuts. The Fed held the policy rate at 3.5%–3.75% after three reductions in late 2025, a stance that could weigh on Bitcoin and broader crypto markets as higher-for-longer rates threaten liquidity and ETF inflows.

On February 19, 2026, Blockstream CEO Adam Back declared on X that the future of finance will be built on Bitcoin and the company's Liquid sidechain network. Venture investor Anthony Pompliano also reiterated his belief on February 18, 2026, that if Bitcoin avoids going to zero, it could eventually reach $1,000,000 per coin, while BTC now trades at $66,872, about 47% below its $126,198 all-time high.

On February 19, analysts observed Bitcoin trading inside a descending intraday channel, with $67,400 acting as the main resistance level. The price is moving sideways within a tightening range, while a volatility squeeze signals a possible breakout zone. Bitcoin trades around $66,673.69, leaving traders focused on whether a move above or below this structure will define the next direction.