Bitcoin is trading 2.05% lower over the past 24 hours at $67,463.47, underperforming a modestly softer broader market as escalating geopolitical tensions and persistent institutional outflows converge to weigh on sentiment. The primary driver behind this pullback is a pronounced risk-off shift triggered by heightened US-Iran tensions, which has seen Bitcoin trade in lockstep with tech equities rather than as a safe-haven alternative. Compounding this macro pressure, U.S. spot Bitcoin ETFs recorded another $71.63 million in net outflows, extending a multi-week redemption streak that underscores fragile institutional conviction. This dual headwind—geopolitical risk aversion paired with a lack of fresh institutional capital—has created a challenging environment for price discovery.
Beneath the surface, derivatives markets are reflecting cautious deleveraging, with perpetuals open interest declining 5.04% in a day. Technically, the structure has turned negative: Bitcoin now trades below its 7-day, 30-day, and 200-day Simple Moving Averages, while the Relative Strength Index sits at 43.69, signaling bearish momentum without yet reaching oversold territory. This configuration suggests that leveraged positioning is being unwound methodically, and the path of least resistance remains downward unless buyers can reclaim the 7-day SMA near $67,647 as a first sign of short-term strength.
Looking ahead, the immediate catalyst is the release of the FOMC Minutes on February 18. A dovish interpretation could fuel a rebound toward the $68,591 resistance level, aligning with the 23.6% Fibonacci retracement. Conversely, a failure to hold the recent swing low at $66,615 would open the door to a retest of the psychologically significant $65,000 support zone. While corporate accumulation signals provide a modest counter-narrative, they have yet to offset the dominant macro and flow-driven pressures.
In sum, Bitcoin’s current consolidation reflects a market grappling with external uncertainty and internal technical weakness. The critical question now is whether the $66,615 level can hold post-FOMC, or if a break below will catalyze the next leg lower. For investors and traders alike, watching the interplay between geopolitical developments, ETF flow reversals, and the market’s reaction to Fed commentary will be essential to navigating this inflection point.