Current market bottom or wait-and-see? Drop of 50%! Bitcoin falls below 66,000, is it panic selling or a golden opportunity?

Bitcoin, from a historical high of 126,000 USD, has been halved, Ethereum plummeted over 60%, the entire network experienced liquidations of 458 million USD, and 140,000 traders were liquidated. The market is engulfed in "extreme fear". Is this a crisis or an opportunity?

Today’s news: Multiple negative factors converge, market panic spreads
February 12, 2026, the cryptocurrency market experienced "Black Wednesday", with multiple negative news events erupting simultaneously, causing market sentiment to weaken rapidly.
Macro perspective: The US January non-farm employment data was released, adding 130,000 jobs, far exceeding the expected 65,000, the largest increase since April 2025. Strong employment data dampened expectations of Federal Reserve rate cuts, leading traders to delay the first rate cut from June to July.
Industry risk: Chicago-based crypto lending platform BlockFills announced a suspension of customer deposits and withdrawals, citing Bitcoin’s decline and market downturn, triggering associations with the industry crisis of 2022, further fueling panic.
Regulatory updates: Hong Kong SAR Chief Executive John Lee announced that Hong Kong plans to issue the first stablecoin issuance licences next month, aiming to establish a global digital asset innovation centre.
Capital outlook: Nicholas Peach, head of iShares Asia-Pacific at BlackRock, stated at Consensus Hong Kong that if Asian investment portfolios allocate 1% of assets to cryptocurrencies, it could bring in nearly 2 trillion USD of incremental capital.

Market in-depth analysis: Bitcoin and Ethereum technical battle
Bitcoin (BTC)
Current situation: As of this morning, Bitcoin’s spot price fluctuates between 67,000-68,000 USD, briefly dropping below 66,000 USD within 24 hours, a decline of over 4%, retracing 50% from its 126,000 USD high in December 2025.
Key technical levels:
Support levels: 65,000-66,000 USD as short-term critical support, losing this may lead to a dip towards 63,000 USD; 60,000 USD as a strong support level.
Resistance levels: 68,600 USD as the dividing line between bulls and bears, breaking this could target 70,000 USD; 72,000-73,500 USD as strong resistance zones above.

Ethereum (ETH)
Current situation: Ethereum’s trend is weaker than Bitcoin, with current price around 1,940 USD, a 24-hour low of 1,906.69 USD, down over 5%, retracing more than 60% from its July 2025 high of 4,955 USD.
Key technical levels:
Support levels: 1,900 USD as short-term support, losing this may lead to a pullback to 1,850 USD; 1,800 USD as a strong support platform.
Resistance levels: 2,000 USD as short-term resistance, breaking this could target 2,050 USD; 2,200 USD as medium-term resistance.

Today’s trading strategy: Seek structural opportunities while maintaining a defensive stance
The current price has entered the "golden pit" zone, suitable for phased dollar-cost averaging or grid trading, with strict position control, avoiding full position at once. Recommended position size should not exceed 10% of total assets, using pyramid-style position increases.
Contract traders: Market volatility is intense, prefer to wait and observe. Long positions should wait until prices effectively stabilize above key resistance levels (Bitcoin 68,600 USD, Ethereum 2,000 USD); short positions should be cautious of oversold rebounds.

Specific operational suggestions:
Bitcoin short-term: Light long positions above 65,000 USD, stop-loss at 64,500 USD, target 68,000 USD; if below 64,500 USD, consider reversing to short, target 63,000 USD.
Ethereum short-term: Light long positions above 1,900 USD, stop-loss at 1,880 USD, target 2,000 USD; if below 1,880 USD, wait and see or take light short positions.
Mid-term strategy: The market is still in a phase of oscillation and recovery, with uncertainties after non-farm data. Mid-term, it’s advisable to wait and see until the trend becomes clearer before deploying.

Institutional views: Divergence in consensus
Pessimistic voices:
Polymarket data shows an 82% implied probability that Bitcoin will fall to 65,000 USD this year, and about 60% probability of dropping below 55,000 USD. Citigroup analysts pointed out that US spot ETF fund inflows have significantly cooled, with insufficient new demand, and long-term holders are beginning to worry about Bitcoin’s cyclical weakness.

Optimistic outlook:
JPMorgan’s latest report raised expectations for the crypto market, believing that despite a sharp short-term correction, institutional capital inflows and clearer regulations will support a recovery of digital assets in 2026. It is expected that the annual capital inflow will be dominated by institutions, driving the market higher.

Industry giants’ actions:
Val Vavilov stated that this round of sharp decline presents a buying opportunity, and plans to rebalance the portfolio by increasing Bitcoin holdings at low prices. Meanwhile, iShares Bitcoin ETP added 660,000 securities, with institutional capital continuing to deploy.

Market outlook
Short-term outlook: The crypto market is in a phase of stabilization and recovery after a major drop, focusing on whether Bitcoin can hold above 68,600 USD and Ethereum can break through 2,000 USD. Breaking key resistance could extend the rebound; losing support may lead to further lows.
Medium-term factors: If Ethereum’s EIP-8025 proposal is implemented, it will enhance network performance, benefiting Ethereum’s ecosystem in the long run; Bitcoin needs to wait for clarity on Federal Reserve monetary policy, with rate cut expectations potentially driving a market rebound.

The fear index has fallen to 11, with despair spreading across the market. Historical experience shows that extreme fear often signals a stage-buying opportunity. Will this market logic lead to a different trend this time?#Gate广场发帖领五万美金红包