Why is bitcoin down? Prices slipped to $65,722 but recovered above $67,255

• Bitcoin dipped to $65,722 but recovered above $67,255
• Major altcoins saw mixed moves; Ethereum fell 0.65 percent
• BTC is consolidating; $65K is a key support level

Did our AI summary help?

Bitcoin plunged as low as $65,722 in early trade, but quickly recovered those losses to trade just above $67,255 on February 20 (8:43 am IST), representing a gain of 0.80 percent in the last 24 hours.

BNB was up  0.26 percent, Solana 1.73 percent, TRON 1.28 percent, Dogecoin 0.84 percent, Bitcoin Cash 0.62 percent, while Ehereum was down 0.65 percent, XRP 0.47 percent, whereas Tether and USDC traded flat over the last 24 hours.

Here's how the price of cryptocurrencies has moved.

Why is Bitcoin down? Should you invest?

According to Coinswitch Markets Desk, in the absence of a clear catalyst, price action remains in short-term consolidation. BTC is on track for a fifth consecutive monthly decline, a pattern last seen in 2018–19, when six straight red months preceded a sharp multi-month rally of over 300 percent.

"With a similar pattern, momentum could begin shifting in early Q2 2026. Liquidity positioning suggests a move above $68K may trigger a short squeeze, while a break below $66K may trigger heavy long liquidations," it added.

Akshat Siddhant, Lead quant analyst, Mudrex, said, "Stronger jobless claims data and a widening trade deficit have briefly pushed markets into a cautious mode. However, sentiment indicators suggest this phase may be closer to exhaustion than escalation. Google Trends shows searches like “Bitcoin going to zero” spiking to levels last seen during the 2022 FTX panic, periods that historically aligned with market bottoms. For now, $65,000 remains a key base, while a move above $69,200 could restore short-term momentum."