Bitcoin retreated from its weekend highs during a volatile session on Monday, Feb. 16, plunging well below the $68,000 mark at its intraday low. According to Bitstamp data, the leading cryptocurrency fell to $67,268 just hours after testing the $70,000 threshold—a nearly 4% drop. This reversal comes only 24 hours after the asset topped $71,700, briefly erasing the losses sustained over the previous week.

The sudden downturn has trapped bitcoin within a familiar consolidation range between $65,000 and $72,000, where it has languished since Feb. 5. As sentiment shifts increasingly bearish, the broader crypto economy is struggling to find a catalyst to offset the selling pressure that has defined the market for much of February.

While the Crypto Fear and Greed Index saw a slight numerical recovery to 11 after dipping into single digits late last week, the reading remains firmly in “extreme fear” territory. Historically, such low readings suggest that a significant upside breakout is unlikely in the short term. This lack of momentum may compel low-conviction investors to exit their positions, further compounding the downward pressure.

Market outlooks remain divided, though recent institutional moves have leaned toward caution. Analysts at Standard Chartered recently revised their year-end target down to $100,000 and warned that bitcoin could drop as low as $50,000 in this current cycle before a true recovery begins.

Furthermore, many technical analysts are now projecting a potential dip below the $60,000 psychological floor if current support levels fail to hold. Despite the gloom, bitcoin advocates argue the network’s value proposition is unchanged and that the current downturn is a necessary cleansing of speculative leverage.

Remarking on the recent price action and the prospects of reclaiming the six-figure milestone, Shawn Young, chief analyst at MEXC Research, noted:

“ Bitcoin is in a classic consolidation phase, having held above $60,000 for over six weeks. While a near-term sell-off remains possible, the marginal 1% growth over the past week suggests sellers may be losing their grip. We are seeing a significant shift in the broader stock market, and bitcoin, as a high- volatility asset, often bears the brunt of these capital shifts.”

Moving forward, Young said he expects frequent sharp sell-offs and potentially lower lows, but disagrees with those projecting a bitcoin return to $10,000. He insisted the fundamentals remain as strong as ever and pointed to current buying activity, which he said still outweighs the volume of coins mined daily.

“This net-positive supply dynamic could trigger a rebound once bitcoin reclaims the $80,000 resistance. If it can hold that level for several weeks, $100,000 becomes a realistic target again,” Young said.

• Why did bitcoin drop below $68K on Feb. 16? Volatile trading and profit‑taking pushed prices down after testing the $70K mark.
• What range is bitcoin stuck in this February? It has consolidated between $65K and $72K since Feb. 5, limiting upside momentum.
• How is market sentiment across regions? The Crypto Fear & Greed Index remains in “extreme fear,” signaling caution globally.
• What do analysts project for bitcoin’s next move?
  Forecasts vary, with some warning of a dip below $60K while others eye $100K by year‑end.

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