Key Notes

Key Notes:

The overall supply of Bitcoin on centralized exchanges has continued to increase in the past few weeks, thus weighing down on bullish sentiment.BTC price is approaching a crucial support range between $91K and $95K, which must hold to avoid further capitulation.

Bitcoin price BTC $96 656 24h volatility: 1.3% Market cap: $1.92 T Vol. 24h: $17.95 B teased below a crucial support range between $94K and $95.7K for the second time in February signaling the sellers are gaining more ground. The flagship coin has dropped more than 2% since the beginning of this week to trade at about $95,746 on Wednesday, February 19, during the mid-London session.

Since the second inauguration of US President Donald Trump, Bitcoin price has led the wider crypto market in bearish sentiment. As Coinspeaker explained, BTC price has been forming a potential reversal pattern in the weekly time frame, characterized by a double top around $108K and a bearish divergence of the weekly Relative Strength Index (RSI).

According to market data from Cryptoquant, Bitcoin price is approaching a major support range between $91K and $95K, where the 111-day moving average, SMA 111D at $95K, converges with the price at which short-term holders (STH) have realized their profits or losses, STH Realized Price at $91K.

Market data analysis by CryptoQuant further shows that Bitcoin price has yet to breach the realized price for mining companies of about $57K at the time of this writing. Moreover, historical bear markets have kickstarted after BTC price consistently closed below the realized price for mining firms.

The overall demand for Bitcoin by whale investors has significantly declined in the past few weeks compared to the second half of 2024. According to market data analysis from CoinGlass, the overall supply of Bitcoin on centralized exchanges (CEXes) has increased by nearly 54k in the last four weeks to hover about 2.24 million.

The BTC increase on CEXes is largely impacted by the notable cash outflows from the US spot Bitcoin ETFs. On Tuesday, the US spot BTC ETTe recorded a net cash outflow of about $60 million.

However, BlackRock’s IBIT has continued to accumulate in mild quantities, whereby it recorded a net cash inflow of about $68 million on Tuesday. Meanwhile, Strategy (NASDAQ: MSTR) is expected to continue with its BTC accumulation after announcing a $2 billion offering plan.

The Bitcoin network has grown to a robust ecosystem backed by institutional investors and clearer regulatory frameworks in 2025. The United States and European countries have led in the mainstream adoption of Bitcoin through institutional investors and positive clear regulatory frameworks.

As Coinspeaker pointed out, more than 20 states in the United States have already proposed the implementation of a strategic Bitcoin reserve led by Texas, Florida, Massachusetts, and Wyoming, among others. The notable success of El Salvador in its Bitcoin strategy has convinced more central banks around the world to consider Bitcoin as digital gold.

Over the past few years, the BTC hashrate has continued to grow exponentially to hover at about 792 Ehash/s, up around 1.1 percent in the past 24 hours. The involvement of BTC mining by nation-states and more institutional investors has strengthened the Bitcoin network.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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