Bitcoin Stabilizes Near $68,000 as Major Holders Secure Profits Amid Macroeconomic Shifts

On February 21, 2026, Bitcoin (BTC) entered a distinct consolidation phase as it encountered significant resistance around the $68,000 mark. This period of price stabilization is unfolding against a backdrop of heightened macroeconomic uncertainty, largely driven by the anticipated implementation of new U.S. tariffs on February 24, 2026. While the leading digital asset managed a notable recovery from the $60,000 support level seen in early February, the broader market structure remains cautious following this recent bounce.

Technical analysis indicates that Bitcoin is currently navigating a testing range between $68,500 and $71,650, with a vital support floor established at $67,180. During the trading session on February 21, the asset's price fluctuated within a narrow corridor of $67,830 to $68,162. On-chain insights provided by analyst MorenoDV through CryptoQuant revealed that large-scale investors, commonly referred to as "whales," have locked in profits exceeding $208 million. This event represents the seventh time since the start of 2024 that whale-realized profits have surpassed the $200 million threshold.

Historically, such significant spikes in profit realization have often served as precursors to periods of market volatility or the establishment of local price bottoms following a phase of asset redistribution. Analysts from CryptoQuant and MorenoDV suggest that this whale activity signals a strategic repositioning by sophisticated investors rather than a panic-induced sell-off. This profit-taking creates a temporary liquidity gap that the market must absorb; however, historical data shows that if buying demand remains sufficient, these phases often precede a bullish trend reversal.

Market sentiment remains guarded as the exchange whale ratio has surged to 0.64, the highest level recorded since 2015, indicating that major players are moving assets toward exchanges to initiate sales. The external economic environment further complicates the outlook. On February 20, 2026, the U.S. Supreme Court invalidated previous tariffs imposed under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a new 10% global levy under Section 122 of the Trade Act of 1974, which was subsequently raised to 15% for a 150-day period. This regulatory shift, combined with U.S. GDP growth slowing to 1.4% in the fourth quarter and persistent inflation, has fostered a "risk-off" environment across global financial markets.

As these factors converge, market experts are closely monitoring whether the current price lull precedes a spike in volatility or signals the beginning of a more sustained bearish cycle. Historical patterns associated with whale profit-taking of over $200 million suggest a high likelihood of short-term turbulence, though they also point toward a potential exhaustion of the current downward move. If the market fails to absorb the selling pressure, Bitcoin could see a retreat toward $65,000 or a retest of the $60,000 psychological level. Consequently, the current market state represents a critical juncture where internal whale dynamics and external macroeconomic pressures meet, requiring investors to stay vigilant regarding liquidity shifts and key support levels.