$BTC $ETH $BNB As of February 13, 2026, the cryptocurrency market is in a "state of extreme fear" dominated by risk-averse behavior. The tightening of macro liquidity and leveraged liquidations have created negative feedback, and sentiment indicators have dropped to historical lows.
📉 Today's Core Market (February 13)
· Bitcoin: Approximately $65,890 (24h -1.6%~2.5%), breaking below the key psychological level of $66,000.
· Ethereum: Approximately $1,927 (24h -1.25%), losing the $1,900 mark.
· Market Liquidations: $284 million liquidated across the network in the past 24 hours (66% long positions); over $165 million liquidated in just 4 hours, showing typical long squeeze behavior.
· Sentiment Indicator: The Fear and Greed Index has dropped to 5 (extreme fear), hitting a multi-year low.
🔻 Key Drivers of the Decline
· Macro "Bloodletting": Strong employment data has caused market bets on a March rate cut by the Federal Reserve to drop to single digits, U.S. Treasury yields have risen, and the VIX fear index has surpassed 20.
· Institutional Expectation Downgrade: Standard Chartered has lowered its year-end target from $150,000 to $100,000, warning that if a capitulation-style sell-off occurs, $50,000 might become the last line of defense.
· Technical Liquidations: Triggered automated selling and successive forced liquidations after breaking below $67,000, creating a "long kill long" scenario.
⚠️ Key Variables and Risks
· Tonight's CPI: U.S. January CPI data will be released today. If inflation is higher than expected, it will completely shut down the possibility of rate cuts, intensifying downward pressure; if the data is moderate, it may trigger a recovery from overselling.
· Liquidity Watch: Watch for support at $64,000 below; if a rebound occurs to $68,457, the intensity of short liquidations will reach $1 billion, possibly reinforcing resistance.
⚡ Potential Long-term Narrative (Masked by Panic)
· MicroStrategy plans to continue accumulating BTC through preferred stocks.
· X (formerly Twitter) Payment Branch X Money is evaluating the integration of Bitcoin payments.
We are currently in a painful period where macro liquidity contraction and leveraged liquidations coexist. Although sentiment indicators have reached historical lows, this usually corresponds to a left-side betting range rather than an immediate reversal; the focus is on waiting for tonight's CPI data.
