$33 Billion Wiped Out From Crypto Market… Will Bitcoin Fall Below $65,000?

▲ Bitcoin (BTC), investor, plunge/AI-generated image

The cryptocurrency market is facing intense downward pressure as Bitcoin (BTC) failed to break through the psychological resistance level of $70,000, while the Chaikin Money Flow indicator signaled capital outflows, wiping out approximately $33 billion in market capitalization in a single day.

According to crypto-focused outlet BeInCrypto on Feb. 19 (local time), the total cryptocurrency market capitalization fell by $33 billion to $2.3 trillion, sharply dampening investor sentiment. The market is currently battling to hold the $2.3 trillion level as support, but continued volatility in Bitcoin and major altcoins has sustained instability. In particular, repeated rejections at the $2.37 trillion resistance level have weakened upward momentum, and if selling pressure intensifies, further declines toward $2.22 trillion remain possible.

Bitcoin is currently trapped in a range between the $70,000 resistance level and the $67,674 support level as it searches for direction. The cryptocurrency is trading near $67,467, reflecting investor uncertainty, with the $65,000 level serving as the final line of defense. Persistent capital outflows indicated by the Chaikin Money Flow suggest a lack of strong buying conviction, and without a recovery in demand, a retest of the $65,000 support appears inevitable. However, if capital inflows strengthen and Bitcoin breaks above $70,000, a rebound toward $72,294 could invalidate the bearish outlook.

In the altcoin market, Pippin (PIPPIN) recorded the worst performance, plunging 29% in 24 hours. After reaching an all-time high of $0.772, aggressive profit-taking pushed the token down to around $0.479. From a technical perspective, support may form near $0.391, but if the downtrend continues, losses could deepen to $0.301. A recovery rally toward $0.640 would only be possible if investors reenter the market and secure $0.537 as a support level.

Within the broader market, Bitmine holds 4,371,497 ETH—equivalent to 3.62% of total supply—positioning itself as a core pillar of the ecosystem alongside major projects such as Aave. The value of Bitmine’s Ethereum (ETH) holdings is estimated at approximately $8.7 billion, with its total balance sheet, including Bitcoin and cash assets, amounting to about $9.6 billion. While holdings by large institutions may help support the market’s downside, a meaningful rebound will likely require improvements in the overall macroeconomic environment and expectations of interest rate cuts.

On the regulatory front, the U.S. Commodity Futures Trading Commission (CFTC) emphasized its authority over prediction market regulation and moved to support a lawsuit involving cryptocurrency trading platform Crypto.com. The CFTC argued that Congress granted it exclusive authority over futures and event contracts, pushing back against what it described as excessive regulatory attempts by state governments. Such legal conflicts are increasing uncertainty in the regulatory environment for digital assets, and analytics firms including Santiment noted that regulatory clarity will be a decisive factor in restoring market liquidity.

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