Bitcoin climbed back toward $70,000 as a new $736 million wave of short liquidations hit the market, clearing out crowded bearish positions. The move followed a deeper drop below the $73,000 realized price level, where many active holders were sitting on unrealized losses. With funding rates normalizing and open interest sharply reduced, derivatives data point to a leverage reset that could support further upside if spot demand strengthens.

On February 15, Bloomberg Intelligence strategist Mike McGlone argued that Bitcoin’s ongoing pullback and broader crypto weakness could be an early warning of the next U.S. recession rather than a normal correction in speculative markets. He highlighted Bitcoin’s recent failure to hold above $70,000, stretched U.S. equity valuations, and subdued index volatility as signs that the long-standing "buy-the-dip" regime since 2008 may be nearing exhaustion. McGlone also pointed to Bitcoin’s tight alignment with major stock indices and outlined scenarios in which deeper equity declines could pull the cryptocurrency toward $56,000 or even $10,000.

On 15 February 2026, it was reported that multiple publicly listed Bitcoin miners had reoriented their business models toward AI and high-performance computing after the April 2024 halving cut block rewards. Companies such as TeraWulf, Core Scientific, Hut 8, and others are selling Bitcoin holdings, signing multiyear AI hosting contracts, and expanding power capacity to build out GPU-focused data centers with potentially higher and more predictable margins than traditional mining.

On X, analyst Ali Martinez said the CVDD on-chain metric, which has flagged BTC lows since 2012, currently reads $45,225. He views it as a potential floor if broader conditions worsen; meanwhile, BTC hovers near $70,000 after a ~2% daily rise.

Bitcoin has been trading nearly unchanged over the last 24 hours after setting a slightly higher high over the weekend, with price action indicating a pause following its recent advance. The market is consolidating within a narrow band above the $66,200–$68,400 support area, while traders monitor resistance around $71,740 and higher targets near $74,460 and $78,150 to gauge the next directional move.

In early October bitcoin traded above $126,000 before sliding below $100,000 by year-end, then dropping to $60,000 last Friday, a 52% fall from its peak. ChatGPT described this drawdown as a bear market by definition and assigned about a 35% chance that the $60,000 low is already in, with a more probable move toward $50,000–$52,000. The AI also mapped out less likely capitulation scenarios to the low-$40,000s or even below $35,000, while remaining optimistic about bitcoin's long-term resilience.

On February 15, 2026, Michael Saylor posted 99 > 98, fueling speculation of a fresh Bitcoin buy. According to the article, Strategy holds 714,644 BTC worth about $50.28 billion, with an average cost near $76,056 per BTC while Bitcoin trades around $69,664, making the position currently below cost.

Bitcoin derivatives data show traders heavily favoring downside exposure while spot price holds in a tight range below $70,000. Over the last 24 hours, BTC slid to $65,092 before rebounding to $66,947, with funding rates and options pricing indicating crowded shorts and elevated demand for downside protection. Recent spot ETF outflows in the hundreds of millions of dollars further underline weak spot support even as short squeeze risk remains in play.