Title: The Miner’s Dilemma: Why the $60,000 Support is the “Line in the Sand” for February 2026
Introduction
As of February 14, 2026, the cryptocurrency market is navigating a brutal “risk-off” environment. Following a 50% drawdown from October’s record highs, Bitcoin ($BTC$) is currently stabilizing near $65,000. However, a new structural threat has emerged: Miner Capitulation. With the average cost of mining estimated at $87,000, the current price is forcing many operations to sell their reserves just to keep the lights on.
The “Software-mageddon” Correlation
For traders on your site, the key takeaway this month is Bitcoin’s failure to act as “Digital Gold.” Instead, $BTC$ has shown a nearly perfect correlation with US technology stocks. As the AI sector faces a “saturation debate,” crypto has followed growth equities downward. This has pushed the Fear & Greed Index to a score of 9, firmly in “Extreme Fear” territory.
Technical Levels to Watch
The liquidations heatmap points to $68,160 as the critical level for a sentiment reset. A daily close above this could trigger a short-squeeze toward $72,000. Conversely, if the $60,000 support fails, analysts warn of a potential “crypto winter” extension toward $31,000. For now, institutional ETF outflows are outweighing inflows, suggesting that “smart money” is waiting for a confirmed bottom.