Influenced by geopolitical uncertainties, Bitcoin prices have been ranging between $62,000 and $69,000, breaking its historical seasonal pattern, and declined by 14.94% in February 2026. This decline was primarily driven by structural weaknesses, including insufficient liquidity, leverage unwinding in the derivatives market, and persistent weak spot demand. On-chain indicators such as SOPR below 1 and realized market cap flattening confirm this. The 200-week moving average is near $50,000, remaining a key macro support level, while $69,000 acts as resistance above.