Bitcoin rebounded toward $69,000 on Feb. 25 after an intraday flush to the low-$60,000s triggered nearly $500 million in short liquidations. The move keeps price within the $60,000–$69,000 range that has defined February trading, according to Glassnode.

The rally was driven by three main factors: renewed global risk appetite led by tech stocks ahead of Nvidia’s earnings, a $257.7 million net inflow into U.S. spot Bitcoin ETFs on Feb. 24 (reversing the prior day’s outflows), and a reset in leverage and options hedging after panic positioning unwound near $62,000.

However, Glassnode maintains that Bitcoin is stabilizing, not yet recovering. Structural weakness persists, including negative year-to-date ETF flows, weak accumulation by large holders, a realized loss regime, and continued sell-side dominance in spot markets.

Key levels remain critical: $62,000 is the “must-hold” floor, with $60,000 and the ~$55,000 Realized Price below. On the upside, Bitcoin must reclaim $70,000, then $72,000, and ultimately around $79,200 (True Market Mean) to signal a genuine regime shift. For now, the bounce appears to be a technical relief rally rather than a structural recovery.