Bitcoin is “range-bound beneath stress,” having damaged beneath the “True Market Imply,” slipping right into a “defensive vary towards the Realized Worth,” of round $55,000, reported Glassnode on Wednesday. The on-chain analytics supplier remained bearish, noting that demand throughout spot and by-product markets was weak.
“Spot flows and ETF demand stay weak, accumulation is fragile, and choices positioning exhibits panic hedging fading, however not renewed bullish conviction.”
Glassnode famous that traditionally, deeper bear market phases have discovered their decrease structural boundary across the Realized Worth. This can be a measure of the common acquisition price of all circulating cash, which now stands close to $54,900.
This stage is sort of 18% decrease than present costs and would put the autumn from peak to 56.4%, which is far shallower than the final two bear markets.
Market in Managed Consolidation
The analysts additionally famous that the Accumulation Development Rating sits close to 0.43, effectively wanting the 1.0 stage that will sign critical large-entity shopping for.
Spot Cumulative Quantity Delta (CVD), which tracks the distinction between market purchase orders and market promote orders over time, has turned firmly damaging throughout main exchanges similar to Binance and Coinbase, that means sellers are in management.
Glassnode concluded that the market is “transitioning from reactive liquidation to managed consolidation.”
“For a sturdy restoration to emerge, renewed spot demand, sustained accumulation, and bettering liquidity circumstances will probably be required.”
Vary-Certain Below Stress
Bitcoin has damaged beneath the True Market Imply, slipping right into a defensive vary towards the Realized Worth (~$54.9k). Spot and ETF demand stay weak, and panic hedging has eased.
Learn the complete Week On-Chain
https://t.co/XAp8OQr65i pic.twitter.com/iLuDT8o50v
— glassnode (@glassnode) February 18, 2026
https://t.co/XAp8OQr65i Bitcoin community exercise has additionally collapsed, in line with Santiment, which reported on Wednesday that there have been giant declines in new and distinctive addresses as Bitcoin’s utility declined in 2025.
“A justification for crypto starting to see a real long-term aid rally will probably be when metrics like energetic addresses and community development start to rise.”
“BTC remains to be strengthening its bear development,” noticed analyst Willy Woo, who stated that volatility is a key metric to detect traits. Bitcoin entered its bear market when volatility spiked upwards rapidly, he stated, earlier than including:
“Volatility then continues to climb, that means the bear development is strengthening. Then volatility finds a peak within the mid to late part bear market… that’s when the bear development begins to weaken.”
BTC Worth Outlook
Bitcoin continues to weaken, dropping beneath $66,000 briefly in late buying and selling on Wednesday. It got here simply shy of $67,000 through the Thursday morning Asian buying and selling session, however had not reclaimed it on the time of writing.
The asset has been buying and selling sideways for the previous two weeks, and the trail of least resistance seems to be downwards.
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