Bitcoin rebound fades as price hovers around $66,000

Bitcoin continues to show high volatility, with a brief rebound earlier in the week quickly losing momentum. On Wednesday, February 11, 2026, the world’s largest cryptocurrency was trading at around $66,166 (as of 10:21 ET), down roughly 4% on the day. This reflects the typical pattern of the current correction phase following the record high above $126,000 reached in October 2025.

Current Dynamics and Key Levels

Since the end of last year, Bitcoin has been in a downtrend that has intensified in recent weeks. On February 5, the price broke below the $70,000 mark and fell to just above $60,000 — a level widely considered an important psychological and technical support. A rebound above $70,000 followed, but further gains stalled, with BTC now fluctuating in the $66,000–$72,000 range.

As of Thursday, February 12, the price remains about 47% below its all-time high. Volatility persists, and many traders are locking in losses or repositioning their portfolios.

What Is Weighing on the Market

Several factors are putting simultaneous pressure on the crypto market:

• Correlation with U.S. tech stocks — crypto assets often move in tandem with the Nasdaq and the broader technology sector, which is also experiencing turbulence.
• Position liquidations — a wave of forced closures on February 5 accelerated the decline through a cascade of margin calls. Liquidation volumes have since eased.
• Monetary policy expectations — investors are assessing potential changes at the Federal Reserve following Kevin Warsh’s nomination as Fed chair in late January, adding uncertainty.
• ETF outflows — major Bitcoin ETF issuers, including Grayscale and BlackRock, recorded sales that led to capital outflows. However, net inflows have been observed over the past three days, providing some support.

Halving Cycle: Still on Track?

Market participants are actively debating whether Bitcoin’s classic four-year cycle, tied to the halving — the roughly quadrennial reduction in miners’ rewards — remains intact. The most recent halving took place in April 2024; historically, such events have compressed supply, driven rallies to new highs, and been followed by corrections.

Many analysts believe the cycle is still holding. Canary Capital CEO Steven McClurg said in an interview with CNBC that he expects 2026 to represent the bearish leg of the four-year cycle and forecasts a drop to $50,000 by summer, followed by a reversal in the fall.

A similar view was expressed by Markus Thielen of 10X Research, who also suggested that Bitcoin could fall toward $50,000. At the same time, there is ongoing debate about a potential “supercycle” or a break from the traditional pattern due to institutional inflows such as ETFs and corporate adoption. Nevertheless, most analysts lean toward seeing 2026 as a correction phase ahead of the next upswing.

What Comes Next

As long as Bitcoin holds above $60,000, the market remains in a state of uncertainty. Further declines are possible — particularly if macroeconomic conditions worsen — but a rebound could occur if ETF inflows strengthen and equities stabilize. The current trend suggests that after the euphoria of 2025, the market has entered a period of more severe correction.

In Brief

Bitcoin has lost its rebound and is trading near $66,000 (–4% on the day), remaining about 47% below its October record above $126,000. Pressure is coming from tech stock volatility, liquidations, Fed-related uncertainty, and recent ETF outflows, although inflows have begun to return. According to several analysts, including Steven McClurg, the four-year halving cycle remains intact: 2026 is viewed as a bearish phase with a potential bottom around $50,000 in the summer and a likely reversal in the fall.