Analysis: Bitcoin prices have remained within the $66,000–$70,000 range, and the crypto market is gradually entering a consolidation phase.

PANews reported on February 23 that a recent report from Bitfinex Alpha indicates that Bitcoin has been consolidating within the $66,000–$70,000 range since its decline on February 5th. This is the deepest pullback in this cycle, with narrowing volatility and weakening momentum, suggesting the market is shifting from a liquidation-driven downtrend to a more balanced consolidation environment. On-chain data shows that most of the recent decline has been absorbed by the demand zone of $60,000–$69,000. These near-break-even holders have not yet accelerated their selling, contributing to price stability and a sideways trading pattern. Institutional flows remain cautious, with Bitcoin ETFs experiencing net outflows of approximately $166 million in a single week, and Ethereum-related products continuing to see redemptions, indicating that the accumulation phase has not yet returned. Although weekend inflows provided initial signs of stabilization, overall liquidity remains low. The realized profit/loss ratio continues to shrink to historically defensive levels, indicating limited capital expansion within the network. Derivatives positions have returned to normal, with funding rates trending neutral to slightly negative, reducing liquidation risk but also limiting accelerated price increases.