Bitcoin price drops 3% as analyst warns bulls lack 'momentum' to flip $69K

3 weeks ago

Bitcoin investigation warned the $69,000 people whitethorn extremity up arsenic semipermanent absorption again, acknowledgment to its value successful BTC terms history.

Bitcoin (BTC) deed caller week-to-date lows connected Wednesday arsenic $66,500 came into focus.

Key points:

Bitcoin is trading successful a cardinal humanities zone, but purchaser unit is excessively anemic to interruption resistance.
Analysis sees existent scope absorption perchance lingering months arsenic a result.
February BTC terms downside has astir beaten 2025.

Analysis: Bitcoin bulls excessively anemic to ace $69,000

Data from TradingView enactment regular BTC terms losses astatine astir 3% aft the $70,000 country again provided anemic support.

Still facing bottommost predictions of $50,000 oregon lower, BTC/USD offered traders small crushed to flip bullish.

Keith Alan, co-founder of trading assets Material Indicators, noted the value of the existent constrictive trading range.

“$BTC continues to amusement signs of weakness astir $69k, nevertheless if you look backmost to 2024 you volition announcement that terms spent an bonzer magnitude of clip consolidating successful this range,” helium wrote successful 1 of his latest posts connected X.

“That 8 months of consolidation, coupled with the 2021 Top created structural spot astatine this level, and it's bully to spot the marketplace acknowledging that.”

The value of $69,000 means that it could enactment arsenic a double-edged sword successful future.

“If a bullish catalyst emerges and triggers a recovery, we tin reason that the further consolidation successful this range, fortified structural support,” Alan continued.

“Likewise, if the downtrend extends from present arsenic past (and the charts) suggests, absorption astatine this scope volition beryllium adjacent stronger than it was successful 2024. That doesn't mean it volition beryllium impenetrable, it conscionable means that it's going to instrumentality a batch of momentum to interruption it. At this infinitesimal successful time, we aren't seeing capable momentum to bash that successful a sustainable way.”

BTC terms eyes biggest February nonaccomplishment since 2014

On shorter clip frames, a section bottommost whitethorn beryllium in, per statistic from pseudonymous trader Killa.

Recent findings published connected X uncover that BTC terms enactment often sets its monthly precocious oregon debased betwixt the 4th and seventh time of a fixed monthly candle.

— Killa (@KillaXBT) February 9, 2026

Mondays person been peculiarly lucrative for abbreviated positions since Bitcoin began breaking down from all-time highs successful October 2025.

“You could person shorted $BTC each Monday for the past 4 months & won 18/19 trades,” Killa told followers.

Data from monitoring assets CoinGlass shows that astatine -14.4%, Bitcoin’s February losses successful 2026 are astir connected par with past year’s performance. Still, since 2013, February has lone ended successful the reddish 3 times.

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