- Bitcoin trades at $67,621, down 1.70% in the last 24 hours and nearing its historic 2018 bear market drawdown.
- The overall crypto market cap stands at $2.33 trillion, down 1.33% with market sentiment in “extreme fear.”
- Prediction market traders on Myriad are giving 60% odds that Bitcoin touches $55K before $84K, reflecting a bearish outlook.
Bitcoin is dangerously approaching its longest bear market drawdown in years, trading near $67,600 in mid-February 2026 as the broader crypto market bleeds. The leading cryptocurrency has now slumped 52.44% from its October 2025 all-time high over just 123 days.
Consequently, Bitcoin is perilously close to matching the 56.26% drop from the 2018 bear run. If February closes in the red, it will mark the asset’s fifth consecutive monthly loss, the longest such streak since 2018.
Meanwhile, the total cryptocurrency market capitalization fell 1.33% to $2.33 trillion. The Fear & Greed Index remains entrenched in “extreme fear” territory despite a marginal rise to 12 points.
This persistent sell-off is exacerbated by forced liquidations in derivatives markets. According to Coinglass data, bearish liquidations have outpaced bullish ones every day since January 12.
Technical indicators confirm the grim outlook. Bitcoin’s price languishes below its key 200-day moving average, signaling strong bearish momentum. The Average Directional Index (ADX) reading of 56.4 confirms this downtrend has significant strength.
On Myriad, a prediction market, traders now see a 60% chance BTC touches $55K before $84K. For a true bullish reversal, Bitcoin would need a massive recovery past $100,000 or a consistent series of higher price lows.
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