Bitcoin Falls Under $63,000 as Miner Capitulation Tests $60,000 Support

Bitcoin has slipped below $63,000, extending a monthly decline of nearly 30% and revealing deeper structural weakness across the network and institutional flows. The cryptocurrency is entering its longest year-on-year miner capitulation phase while ETF demand deteriorates, together pushing prices toward a key support zone near $60,000.

On the 8-hour chart a head-and-shoulders pattern has formed, with the neckline around the $60,000 level. Glassnode’s miner net position change metric remained negative from January 9 through February 23, a 46-day stretch that peaked on February 6, two days after the BTC price bottomed near $60,400.

Miner income has also collapsed, with monthly fees falling from 194 BTC in May 2025 to 65 BTC by February 2026, a near two-thirds drop that has forced some miners to sell reserves. Institutional flows have weakened as well: Bitcoin has recorded six consecutive weeks of ETF outflows, the longest such streak since spot ETFs launched.

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