Bitcoin pulled back to test $66,500 and is now trading below $67,500 and the 100‑hour SMA. According to the analysis, an hourly descending channel shows resistance near $68,850, while failure to hold $66,500–$66,000 could open the way to $65,000 and $64,200.

Bitcoin has shifted from a calm stretch into a higher-volatility phase, with swings approaching levels not seen in nearly a year. Recent market breakdowns and changing sentiment have sharpened moves across crypto, while traders note that 5% daily candles remain uncommon even as activity rises.

Bitcoin may be setting up for another upside move as on-chain metrics show strong accumulation by long-term holder addresses. Analyst Darkfost’s CryptoQuant data indicates these accumulator addresses are now adding about 372,000 BTC per month, compared with 10,000 BTC in September 2024. The methodology filters out exchanges, miners, and smart contract addresses to focus on entities that repeatedly buy and hold Bitcoin without outflows.

Since the start of February, Bitcoin miners have withdrawn more than 36,000 BTC from exchanges, with over 12,000 BTC leaving Binance and the rest spread across other platforms. Daily outflows reportedly surged to more than 6,000 BTC on one day, while long-term holders accumulated 380,104 BTC in 30 days, even as Bitcoin's price briefly approached $60,000 and dropped over 28% in a month.

By February 2026, Bitcoin was down more than 20% for the quarter and struggled to clear $68,000. On 16 February, Capital B raised €0.4 million, issued 601,000 shares at €0.67, and purchased six BTC, bringing its total to 2,834 BTC. Corporate treasuries have accumulated well over 1 million BTC across the past 18 months.

Intesa Sanpaolo's February 17, 2026 Form 13F filing shows about $96 million in U.S. spot Bitcoin ETFs as of December 31, 2025. The bank held $72.6 million in ARK's ARKB and $23.4 million in BlackRock's IBIT, alongside $184 million in MicroStrategy put options and smaller stakes in a Solana staking ETF and Circle.

On a Tuesday when Bitcoin traded under $68,000, data showed that short-term whale addresses are carrying net unrealized losses of 22% while long-term whales remain profitable above a realized price of $41,626. Large-holder inflows to Binance have climbed in February, and on-chain metrics suggest current conditions look more like a redistribution phase than a full-scale capitulation among veteran holders.

By February 2026, the United Arab Emirates had assembled an estimated sovereign Bitcoin exposure above $900 million, with more than $500 million held via BlackRock's IBIT through state funds. State-linked mining in Abu Dhabi reportedly added 6,300–6,376 BTC, and institutions maintained positions despite January 2026's roughly $3 billion fund outflows.