Bitcoin Trading Range Tightens as Resistance Drops to $67,000; Network Nears 20 Million Coin Milestone

Bitcoin experienced another back-and-forth session on Feb. 19, struggling to maintain its value as it established a lower trading range.

Bitcoin Faces Volatility as Trading Ranges Shift Lower

Bitcoin ( $BTC) endured another session of whipsaw price action Feb. 19, twice rebounding from sub-$66,000 lows to reclaim the $67,000 level. While the volatility mirrors the preceding 48 hours, technical analysts noted a downward shift in the assets trading range: the resistance ceiling has dropped from $69,000 to $67,000, while the support floor has slipped from $67,000 to just under $66,000.

As of Thursday afternoon, the cryptocurrency had recovered from an intraday low of $65,733 to trade near $66,500—a 0.9% decline over 24 hours. Since failing to hold the $70,000 threshold Monday, Bitcoin has shed approximately 5% of its value and remains down more than 25% over the last 30 days.

Despite the stagnant price action, bitcoins underlying network security continues to reach historic milestones. Reports indicate that the seven-day moving average hash rate has hit approximately 1 zettahash per second (ZH/s).

While a record-high hash rate is a bullish fundamental—signaling a network more resistant to attack—it is generally viewed as a medium-term indicator that does not immediately translate to price gains.

In the immediate term, market sentiment is dictated by “extreme fear.” This bearish outlook was reinforced by a second consecutive day of net outflows from spot Bitcoin exchange-traded funds (ETFs). Latest data shows a net exit of $133.3 million (approximately 1,980 $BTC), a notable acceleration from the 1,520 $BTC outflow recorded the previous day.

Geopolitical Tensions and Inflationary Risks

Bitcoins performance also appears tethered to broader macroeconomic jitters. The asset, which frequently correlates with the Nasdaq and high-growth tech stocks, was weighed down by escalating geopolitical friction in the Middle East.

Observers fear that a potential U.S. military strike on Iranian targets could lead Tehran to blockade the Strait of Hormuz, a critical chokepoint for global trade. Beyond the logistical chaos, such a conflict would likely trigger a spike in oil prices, reigniting inflationary pressures and complicating the outlook for interest rate cuts.

Amid the market turmoil, bitcoin is approaching a major psychological and mathematical milestone. The circulating supply is closing in on 20 million coins minted. According to Coingecko data from Feb. 19, the circulating supply stood at 19,991,937 $BTC—leaving only 8,063 $BTC before the network hits the 20 million mark.

With the hard cap set at 21 million, this milestone underscores the increasing scarcity of the asset as it moves into its final phases of issuance.