Bitcoin is “range-bound below stress,” having damaged under the “True Market Imply,” slipping right into a “defensive vary towards the Realized Worth,” of round $55,000, reported Glassnode on Wednesday. The on-chain analytics supplier remained bearish, noting that demand throughout spot and spinoff markets was weak.
“Spot flows and ETF demand stay weak, accumulation is fragile, and choices positioning exhibits panic hedging fading, however not renewed bullish conviction.”
Glassnode famous that traditionally, deeper bear market phases have discovered their decrease structural boundary across the Realized Worth. This can be a measure of the typical acquisition value of all circulating cash, which now stands close to $54,900.
This degree is nearly 18% decrease than present costs and would put the autumn from peak to 56.4%, which is way shallower than the final two bear markets.
Market in Managed Consolidation
The analysts additionally famous that the Accumulation Development Rating sits close to 0.43, properly wanting the 1.0 degree that may sign critical large-entity shopping for.
Spot Cumulative Quantity Delta (CVD), which tracks the distinction between market purchase orders and market promote orders over time, has turned firmly unfavourable throughout main exchanges corresponding to Binance and Coinbase, which means sellers are in management.
Glassnode concluded that the market is “transitioning from reactive liquidation to managed consolidation.”
“For a sturdy restoration to emerge, renewed spot demand, sustained accumulation, and enhancing liquidity situations will probably be required.”
Vary-Certain Below Strain
Bitcoin has damaged under the True Market Imply, slipping right into a defensive vary towards the Realized Worth (~$54.9k). Spot and ETF demand stay weak, and panic hedging has eased.
Learn the total Week On-Chain
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— glassnode (@glassnode) February 18, 2026
Bitcoin community exercise has additionally collapsed, based on Santiment, which reported on Wednesday that there have been massive declines in new and distinctive addresses as Bitcoin’s utility declined in 2025.
“A justification for crypto starting to see a real long-term aid rally will probably be when metrics like lively addresses and community development start to rise.”
“BTC remains to be strengthening its bear pattern,” noticed analyst Willy Woo, who stated that volatility is a key metric to detect tendencies. Bitcoin entered its bear market when volatility spiked upwards rapidly, he stated, earlier than including:
“Volatility then continues to climb, which means the bear pattern is strengthening. Then volatility finds a peak within the mid to late section bear market… that’s when the bear pattern begins to weaken.”
BTC Worth Outlook
Bitcoin continues to weaken, dropping under $66,000 briefly in late buying and selling on Wednesday. It got here simply shy of $67,000 in the course of the Thursday morning Asian buying and selling session, however had not reclaimed it on the time of writing.
The asset has been buying and selling sideways for the previous two weeks, and the trail of least resistance seems to be downwards.
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