Bitcoin Faces Selling Pressure Amidst Market Uncertainty
By John Nada·Feb 17, 2026·4 min read
Bitcoin faces significant selling pressure as bears dominate the market, leading to substantial outflows from crypto investment products.
Bitcoin is currently under significant pressure as bears capitalize on rallies near the $74,508 resistance. The atmosphere in the crypto market is decidedly bearish, with sellers taking advantage of any upward movement in Bitcoin's price. This selling pressure is reflected in the notable $133.3 million outflows from Bitcoin exchange-traded products last week, as well as a staggering $3.8 billion in total outflows from crypto investment products over the past four weeks, according to a CoinShares update. As Bitcoin attempts to hold above $67,500, the potential for its first-ever consecutive negative monthly closing in January and February looms large.
The cryptocurrency is currently facing a more than 22% loss, putting it on track for its worst first-quarter performance since a dramatic 49.7% drop in 2018. Market sentiment remains bearish, as evidenced by a solid defense by bears in several major altcoins at higher price levels, indicating a lack of confidence among investors. The overall market dynamics are further complicated by the recent behavior of altcoins, which also face selling pressure. For instance, Ethereum (ETH) has struggled to maintain its price above critical levels, turning down from the $2,111 mark on Sunday.
This suggests that bears are fiercely defending this level, and if sellers manage to pull the price below immediate support at $1,897, a further decline to $1,750 could follow. Buyers are expected to attempt to defend this critical level, as a close below it could lead to a more severe drop to $1,537. In contrast, Strategy co-founder Michael Saylor has expressed a long-term bullish view by indicating the company’s intention to purchase more Bitcoin, marking its 99th transaction. This move underscores Saylor's confidence in Bitcoin's potential for recovery, despite the current market conditions.
The struggle to maintain price levels raises questions about whether Bitcoin and other major altcoins can defend support levels and initiate a relief rally. The outcome of these price movements will be crucial for investor sentiment and market stability in the coming weeks, as traders watch closely for signs of a reversal or further decline. Market analysis suggests that the S&P 500 Index is also experiencing a tough battle between bulls and bears at the support line of the ascending channel pattern. As the moving averages approach a bearish crossover and the relative strength index (RSI) remains in negative territory, signs indicate that bears could be gaining ground.
If the index breaks below the 6,780 level, it may initiate a deeper correction, potentially leading to a drop to 6,720 and further down to solid support at 6,550. Conversely, if buyers manage to propel the index above 7,002, it may signal a resumption of the uptrend, with targets set at 7,290. Meanwhile, the US Dollar Index (DXY) has been trading below the moving averages, with bears failing to challenge the crucial 96.21 to 95.55 support zone. Should bulls succeed in pushing the price above the moving averages, the index may rally to 99.49 and then face overhead resistance at 100.54.
However, if the price turns down sharply from the moving averages, it would indicate that the bearish sentiment remains strong, potentially leading to the next leg of the downtrend if a close below 95.55 occurs. Returning to Bitcoin, sellers are actively attempting to halt BTC’s recovery near the $71,000 mark, demonstrating that bears remain resolute in selling on rallies. For the bearish momentum to continue, sellers will need to push the price below the $65,000 level. Such a decline could set the stage for a retest of the critical $60,000 level.
If this support fails, the next likely target for Bitcoin could be around $52,500. On the other hand, buyers must drive Bitcoin's price above the breakdown level of $74,508 to signal that the bearish momentum is weakening. If successful, this could lead to a surge toward the 50-day simple moving average (SMA) at approximately $83,910, where bears are expected to mount strong defenses. Further analysis of altcoins reveals that BNB’s relief rally fizzled out at $642, indicating persistent selling pressure from bears.
If they manage to pull the BNB price below the $570 level, it may extend its decline to psychological support at $500. Conversely, bulls need to push the price above the 20-day EMA ($686) to suggest that bears are losing their grip, potentially allowing BNB to climb toward $730 and the 50-day SMA ($817). Similarly, XRP has turned up from the support line of its descending channel, piercing the 20-day EMA ($1.53). However, the inability to hold above the breakdown level of $1.61 suggests that sellers are still in control.
Bulls are likely to make another attempt to clear this level; success could lead to a rise to the 50-day SMA ($1.81). However, if sellers pull the price below the support line, XRP may retest the February 6 low of $1.11.