On February 19, Glassnode published an article stating that since early February, every attempt by Bitcoin to re-establish above $70,000 has been met with demand exhaustion, leading to further declines. Even a net realized profit outflow of just over $5 million per hour is enough to trigger a price pullback. In comparison, during the euphoric market phase in Q3 2025, profit-taking peaked at $200 million to $350 million per hour, yet prices still maintained an upward trend, supported by significantly stronger buying capacity.

The current market is in a structurally liquidity-thin environment, making it more challenging for Bitcoin to recover the $70,000 to $80,000 range, and the rebound process is expected to be more turbulent.

According to PolyBeats monitoring, the probability of Bitcoin rising back to $75,000 in February on Polymarket is now only 16%.