As of February 16, 2026, the price of Bitcoin has once again fallen below $69,000, trading at $68,894.51, a 24-hour decline of 1.32%. Since the October 2025 peak of $126,199, it has retraced approximately 45%. This round of decline is mainly driven by three factors: firstly, continuous net outflows from the US spot Bitcoin ETF, with over $4 billion withdrawn in the past three months, weakening market liquidity; secondly, increased institutional selling pressure, such as Strategy Inc.'s unrealized losses of nearly $8 billion, sparking concerns about whale sell-offs; thirdly, macroeconomic turbulence, with delayed Fed rate cut expectations combined with a correction in US tech stocks, putting downward pressure on risk assets. Technical analysis indicates that if the $60,000 key support level is broken, it could trigger a new round of deleveraging sell-offs, with analysts estimating a potential downside of up to 55%, or $31,000. Currently, market sentiment remains cautious, with intensified battles between bottom-fishing funds and stop-loss orders, leading to increased volatility.