According to analyst Ali Martinez, Bitcoin's 3-day chart is close to forming a death cross between the 50-day and 200-day simple moving averages, a pattern that previously appeared in 2014, 2018, and 2022 before major drawdowns of more than 45%. The analyst estimates that, if current trajectories hold, this crossover could occur on February 27 and potentially mark the final downward phase of the ongoing bear market cycle, while Bitcoin now trades near $63,300 amid a realized loss regime on-chain.

Data from derivatives tracker CoinGlass shows that crypto exchanges liquidated about $507 million in positions over the past 24 hours, with roughly $438 million, or 86%, coming from long contracts. During this volatility, Bitcoin fell from $67,700 to $64,300 before rebounding, while its open interest dropped to $19.5 billion and bearish sentiment on social platforms climbed to a two-week high.

Bitcoin sentiment remains deep in extreme fear, with the Fear & Greed Index at 7 and stuck in that zone for 22 straight days. BTC has struggled to recover, trading around $67,700 after a bounce from $60,000. Thresholds mark fear below 47, greed above 53, and extreme bands at 25 and 75.

According to Santiment, wallets holding 10 to 10,000 BTC have trimmed their share of the circulating supply by 0.8% since October, pushing it to the lowest level since May 2025. Meanwhile, 0 to 0.01 BTC addresses added 2.5%, reaching the highest since June 2024, as mid-tier balances split: 0.01–1 BTC up 1.05% and 1–10 BTC down 0.49%. Bitcoin trades near $67,400, up 0.7% on the week.

On-chain data indicates the CryptoQuant Bitcoin Bull-Bear Market Cycle Indicator has fallen sharply into bearish territory, reaching levels last seen at the 2022 market bottom after the FTX collapse. The gauge, derived from the P&L Index and its 365-day moving average and incorporating MVRV, NUPL, and LTH/STH SOPR, suggests the market is approaching an extreme bear phase that has often coincided with cycle lows. Bitcoin is trading around $68,000, about 4% lower over the past week, as this indicator continues to trend deeper below zero.

On-chain data indicates that 9.31 million BTC, or 46% of Bitcoin's circulating supply, is currently at a net unrealized loss. Analyst Maartunn argues that this large overhang of underwater coins, concentrated around the $80,000–$95,000 and $105,000–$120,000 ranges, may need to be absorbed by stronger holders before a durable price bottom can form. Bitcoin is presently moving sideways after rebounding from the $60,000 area and is trading near $68,600.

According to on-chain data from Glassnode, Bitcoin's Net Unrealized Profit/Loss (NUPL) has recently slipped to about 0.18, placing the market in what the firm labels the hope/fear zone. This level reflects thinner unrealized profits as rallies face selling pressure and downside can deepen if conviction weakens, while Bitcoin's price has moved from around $65,000 on Thursday back to roughly $69,000 on Friday.

Analyst Ali Martinez said on X that Shiba Inu's weekly chart has slipped under the support of a long‑running parallel channel, implying a measured move toward $0.00000138. The level is roughly 77% beneath SHIB's current price near $0.00000615, which is down 2% over the past seven days.

According to data from Alternative, the Bitcoin Fear & Greed Index has dropped to 9, marking its deepest move into the extreme fear band since the 2022 bear phase. The single-digit reading follows a market pullback that began in the final week of January and coincides with Bitcoin trading near $67,100, about 19% lower over the past seven days. Historically, such depressed sentiment has often appeared around bottom formation zones, though during bear markets the index can remain fearful for extended periods.