Bitcoin’s Descent to $60K: Liquidations, Whales & Why You Shouldn’t Trust Bulls

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Bitcoin’s latest dip? Oh, it’s just having its monthly identity crisis. On February 22nd, BTC decided to play the stock market version of “Hot Potato”-only the potato lost 5.08% of its value, dropping from $67,730 to $64,290. Volatility on a Sunday? Classic. It’s like your ex’s Instagram story: dramatic, confusing, and best consumed with a strong drink.

Traders? They were more surprised than my cat when I tried to teach her to knit. CoinGlass reports $206 million in long positions liquidated-while shorts only managed $4.8 million. Sounds like a party where everyone brought a toaster except for one guy who brought a cactus. Everyone’s toast, but the cactus is just confused.

This was a mild day compared to February 6th, which was the crypto equivalent of a hurricane and a family reunion. BTC’s current bounce back above $65k? Don’t get too attached. It’s like a rebound relationship-it’ll last until the next bear market.

Stephen Coltman of 21shares says the $65k floor is “critical,” which I suppose is crypto-speak for “don’t panic, unless you’re made of money.” He also mentioned that breaking above $70k would mean “the recent selling may have exhausted itself.” Spoiler: the selling never exhausts itself. It’s just a well-trained golden retriever with a vendetta.

Bitcoin bulls battle against seller dominance

A crypto analyst warned of a volatile Monday to start the week. If you thought U.S.-Iran tensions were bad, imagine trying to trade while your phone buzzes with breaking news and your neighbor’s cat knocks over your coffee. The $60k target? It’s just Bitcoin’s way of saying, “Let’s go to the grocery store… and also trigger a financial meltdown.”

The weekly candlewick to $60k? That’s the universe giving us a heads-up that it’s time to pack your bags and buy a tent in the mountains. The analyst expects this to fill in the next 2-3 weeks, which sounds about as plausible as my New Year’s resolutions.

Seller dominance is real, folks. Exchange netflow has been positive for most of the past month-like a dating profile that’s always “looking for something serious.” Meanwhile, the Coinbase Premium Index has been negative since 2026, except for two days. Coincidence? I think not. Someone’s been busy.

This metric measures the price gap between BTC/USD and BTC/USDT. In other words, it’s a fancy way of saying, “Americans are selling their dreams for gas money.”

The whale inflow ratio remains high. Imagine a buffet where the whales are the only ones eating, and they’re still complaining about the salad selection. This ratio filters out whale transactions, but let’s be real-those whales are just the human version of crypto’s “I told you so.”

Swing traders can maintain a bearish bias? Sure. Long-term investors can remain sidelined? Absolutely. Why invest in something that’s essentially a digital Monopoly piece with a death wish?

Final Summary

  • BTC’s short-term range might break soon, but don’t expect a happy ending. $60k is just the beginning of another “This is fine” meme.
  • High whale inflow ratios and a negative Coinbase Premium Index are like a bad blind date-everyone leaves early, and you’re left wondering how it got so weird so fast.

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2026-02-23 16:47