Bitcoin
February 20, 2026
Bitcoin (BTC) is down to $65K after losing more than $2,500 in a matter of hours, as heavy selling ripples across the crypto market and pushes recent buyers into losses. With “BTC price” and “Bitcoin today” trending, traders want answers. Beyond forced selling, recent US tariff developments have also triggered the price drop.
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The Mechanics of the BTC Price Drop
On-chain data reveals that the exchange whale ratio has climbed to 0.64, its highest level since 2015. This indicates that nearly two-thirds of the Bitcoin flowing into exchanges is coming from the 10 largest deposits, signalling that institutional whales and early adopters are leading the exit.
According to CoinMarketCap, in a 24-hour window, total liquidations amounted to $468 million in losses. But it’s not just the whales; short-term traders also sold at a loss, and the massive liquidations accelerated the BTC price drop.
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Beyond crypto-specific factors, broader macro uncertainty also weighed on sentiment. Reports highlighted investor concerns around potential US tariff developments and global economic tensions. President Trump revised the global tariffs upwards from 10% to 15%. This environment can magnify existing selling pressure, which pushed some traders toward safer assets and away from risk-heavy positions like crypto.
Is the Bitcoin Price Drop Finding a Bottom?
While sharp, the BTC price drop fits a familiar pattern seen after strong rallies. Glassnode data suggests that the rate of panic selling has slowed from over $1 billion per day to approximately $480 million.
Tanisha Katara, Blockchain Governance Consultant, is convinced that while the BTC price drop is brutal, it is a normal occurrence. In a statement, she said:
“$60,000–$65,000 is a realistic floor, and that’s where real buyers historically show up. It represents roughly a 50% drawdown from the peak, which is brutal but normal for Bitcoin corrections.”
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So while forces like whale dominance, minor capitulation and forced selling may have triggered the Bitcoin price drop, analysts point out that this resembles a short-term correction rather than a confirmed long-term trend reversal.
