Bitcoin Price Drops as ETF Outflows Continue

Analysts eye $60K support as fear index hits 'extreme fear' territory

Published on Feb. 20, 2026

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Bitcoin (BTC) price fell as much as 3.2% to $66,604 on Tuesday, extending a four-week slide as weak sentiment, ETF outflows, and macro uncertainty weighed on the market. The CryptoQuant Fear and Greed Index hit 10/100, deep in 'extreme fear' territory, while US-listed Bitcoin ETFs recorded $360 million in net outflows last week, marking a fourth consecutive week of withdrawals.

Why it matters

The drop in Bitcoin price reflects broader market volatility and uncertainty, with factors like AI's economic impact and upcoming economic data releases contributing to the sell-off. The performance of Bitcoin ETFs is also a closely watched indicator of institutional sentiment towards the cryptocurrency.

The details

Bitcoin is currently trading between the 200-week simple moving average at $68,300 and the 200-week exponential moving average at $58,400. Analysts note that major Bitcoin bottoms have historically formed between these two levels. A break below the $65,000-$63,000 support cluster could open the path to Bitcoin's realized price near $55,000, with $60,000 and $52,500 being the next likely targets if that level fails to hold.

  • Bitcoin dropped as much as 3.2% to $66,604 on Tuesday, February 18, 2026.
  • CryptoQuant's Fear and Greed Index fell to 10 out of 100 on Monday, February 17, 2026.
  • US-listed Bitcoin ETFs recorded $360 million in net outflows last week, marking a fourth consecutive week of withdrawals.

The players

Bitcoin (BTC)

The world's largest cryptocurrency by market capitalization.

CryptoQuant

A blockchain analytics platform that provides the Fear and Greed Index, a measure of market sentiment.

Harvard University

An Ivy League institution that trimmed its position in the iShares Bitcoin Trust ETF (IBIT) in Q4 2025.

Dartmouth College

An Ivy League institution that increased its Bitcoin and Ether stakes during the same period.

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What they’re saying

“If $60,000 fails to hold, the next likely target is $52,500, according to current analysis.”

— Rekt Capital, Analyst (Twitter)

“Bitcoin needs a daily close above $71,000 to improve the odds of a rally, and that a drop below $66,000 could bring $60,000 back into play.”

— Ted Pillows, Crypto investor (Twitter)

What’s next

A US Supreme Court ruling on tariffs expected Friday is being watched closely by traders as a potential near-term catalyst. The Federal Reserve's January meeting minutes are also due this week, alongside key US economic data including PCE inflation figures.

The takeaway

The drop in Bitcoin price reflects the broader market volatility and uncertainty, with factors like AI's economic impact and upcoming economic data releases contributing to the sell-off. The performance of Bitcoin ETFs is also a closely watched indicator of institutional sentiment towards the cryptocurrency, and a break below key support levels could trigger further downside.