Bitcoin’s price saw sharp swings between 5-6 February, with a 14.3% drop followed by a 12.2% rebound, while key volatility gauges moved higher. Large holders sent around 12,000 BTC to Binance on 06 February, with multiple days above 5,000 BTC inflows as the price slid from $95,000 toward $60,000 and then hovered near $67,800 under its 20-day MA.

On February 13 2026, data from derivatives markets showed Bitcoin short positions on centralized exchanges at their most aggressive levels since August 2024, with funding rates dropping sharply into negative territory as BTC trades around $65,000–$66,500. This positioning follows a prior cycle where a $55,000 multi‑month bottom in August 2024 preceded an 83% price advance to a $106,000 peak four months later, and current metrics such as the near‑1.1 MVRV ratio suggest Bitcoin is approaching historically undervalued levels without guaranteeing an immediate rally.

Miner-linked wallets moved 48,774 BTC worth about $3.2 billion on February 5 and 6. Daily outflows totaled 28,605 BTC on February 5 and 20,169 BTC on February 6. Corporate disclosures indicate limited selling by major miners, while Checkonchain shows BTC trading below an estimated $79.242k production cost.

Bitcoin futures open interest has retreated to $34 billion, the lowest level since November 2024, while BTC price struggles to hold above $72,000. At the same time, weak US labor data and a 22% options skew toward puts highlight growing caution, even as gold and the S&P 500 remain relatively robust.

An analyst said Bitcoin's seven-day average realized net losses reached $2.3 billion, framing the sell-off as one of the largest capitulation episodes since 2021. The asset briefly moved above $70,000 on Tuesday and later hovered near $66,600 after rebounding from a Feb. 6 low around $60,000, with a $55,000 realized price highlighted.

On February 13, 2026, JPMorgan and Standard Chartered outlined contrasting short-term paths but broadly constructive longer-term outlooks for bitcoin. JPMorgan highlighted an estimated $77,000 production cost as a key support level, while Standard Chartered cautioned that BTC could slide toward $50,000 before rebounding toward $100,000 by the end of 2026.

Bitcoin failed to hold above $68,800 and has retreated below $67,500, with price now under $67,000 and the 100‑hour simple moving average. A bearish trendline around $67,500 on the hourly BTC/USD chart (data feed from Kraken) caps rebounds, and a drop through $66,000 or $65,000 could extend losses.

JPMorgan estimates that the average cost to mine one Bitcoin has declined from $90,000 to about $77,000 since the beginning of the year, following a roughly 15% drop in network difficulty and lower hashrate. The bank argues that this easing is pressuring high‑cost miners but improving margins and market share prospects for more efficient operators, while it continues to project a long‑term Bitcoin price target of $266,000.