Why is BTC’s price down today? (19/02/2026)

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## TLDR
Bitcoin is down 0.865% to $66,919.08 in 24h, underperforming a slightly weaker broader market, primarily driven by hawkish Fed minutes renewing rate-hike fears. It shows a strong negative correlation (-0.67) with Gold over 24h, indicating a distinct macro-driven move.

1. **Primary reason:** Hawkish Fed minutes released on February 18 showed a committee split, with several officials open to interest-rate hikes if inflation stalls, pressuring risk assets like Bitcoin.
2. **Secondary reasons:** Spot Bitcoin ETF outflows and long liquidations amplified the selling pressure, with $73.69M in BTC liquidations over 24h.
3. **Near-term market outlook:** If Bitcoin holds above the $66,000 support, a rebound toward $68,000 is possible; a break below risks a retest of the crucial $65,100 range low.

## Deep Dive
### 1. Hawkish Federal Reserve Policy Shift
The minutes from the Fed's late-January meeting, released on February 18, revealed a divided committee. While most favored holding rates steady, "several participants" noted that "upward adjustments" could be warranted if inflation fails to ease ([CoinDesk](https://www.coindesk.com/markets/2026/02/18/bitcoin-sinks-to-usd66-000-u-s-stocks-lose-steam-as-fed-minutes-mention-possible-rate-hike)). This hawkish tilt strengthened the U.S. dollar and soured sentiment toward volatile assets, triggering the market-wide decline.

**What it means:** The macro backdrop for crypto remains challenging, with the path to rate cuts delayed and the risk of further hikes now on the table.

**Watch for:** Comments from Fed speakers and the next FOMC meeting on March 17-18 for further policy signals.

### 2. ETF Outflows and Leverage Unwind
The selloff was exacerbated by capital leaving regulated products. U.S. spot Bitcoin ETFs saw $104.87 million in net outflows on February 18 ([The Defiant](https://thedefiant.io/news/markets/crypto-markets-fall-as-bitcoin-drops-2-5-and-liquidations-near-usd200-million)). Concurrently, leveraged long positions were squeezed, resulting in $73.69M in Bitcoin liquidations within 24h, with longs making up the majority.

**What it means:** Weak institutional demand and forced selling from over-leveraged traders amplified the downward move.

### 3. Near-term Market Outlook
Bitcoin is consolidating in a tight bearish range, with immediate support at $66,000 and major support at the February low of $65,100. The 7-day Simple Moving Average at $68,056 acts as initial resistance. The Fear & Greed Index is at 11, signaling "Extreme Fear," which can sometimes precede a relief bounce.

**What it means:** The bias remains bearish below key moving averages, but oversold conditions could support a short-term rebound if macro pressure eases.

**Watch for:** A daily close below $66,000 to confirm bearish continuation, or a reclaim of the $68,000 level to signal stabilization.

## Conclusion
**Market Outlook: Bearish Pressure**
Bitcoin's decline is rooted in a renewed hawkish Fed narrative, with ETF outflows and liquidations acting as accelerants. The market is trapped between macro headwinds and technically oversold conditions.

**Key watch:** Whether the $66,000 support level holds in the face of persistent ETF outflows over the next 24-48 hours.

Latest Bitcoin (BTC) Price Analysis

Deep Dive

1. Hawkish Federal Reserve Policy Shift

2. ETF Outflows and Leverage Unwind

3. Near-term Market Outlook

Conclusion

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