3 Minutes
The Bitcoin market is in a delicate phase as selling pressure persists across crypto exchanges. This analysis reviews current support and resistance levels, short-term risks, and what it would take for BTC to resume an uptrend or slide toward $60,000.
BTC 1-day chart, February 2026
Table of Contents
- Current market scenario
- Upside potential
- Downside risks
- Bitcoin price prediction based on current levels
Current market scenario
As of February 9, Bitcoin is trading near $68,388, down roughly 2.7% in 24 hours. Price action remains range-bound between $68,000 and $70,000, reflecting consolidation after earlier volatility this year. The recent pullback followed a rejection near $97,900 in January, which cooled short-term momentum but left the higher-timeframe bullish structure intact.
On-chain flows and sentiment
On-chain metrics show large holders continuing to accumulate while retail sentiment skews bearish. Historically, extreme negative retail sentiment can act as a contrarian indicator. At the same time, consistent whale accumulation reduces the likelihood of a prolonged downtrend, suggesting selling pressure may be temporary.
Upside potential
For bulls to regain control, BTC must decisively clear $74,500. A sustained breakout above this resistance would improve the short-term technical outlook, relieve immediate market pressure, and likely attract fresh buying from momentum traders and crypto funds.
What to watch
Monitor volume on any rally above $74,500 and on-chain indicators like exchange flows and realized price bands. A breakout accompanied by falling exchange reserves and rising whale transfers would strengthen a bullish case.
Downside risks
If Bitcoin fails to hold above $69,000, sellers could push prices toward the next support at $66,000. Should selling intensify, $60,000 is the next major support level. Drops to these zones could trigger short-term liquidation events, but historically such dips have also provided tactical buying opportunities for long-term investors and institutions looking to accumulate BTC at lower price points.
Risk management
Traders should manage risk with clear stop levels and position sizing, given the market’s sensitivity around these supports. Watch derivatives open interest and liquidation heat maps for signs of accelerating downside pressure.
Bitcoin price prediction based on current levels
In summary, this Bitcoin price forecast emphasizes confirmation over conjecture. BTC is consolidating in a key range that allows for both bullish continuation and further correction. Short-term technicals are fragile, but on-chain whale accumulation and extreme bearish retail sentiment suggest that selling pressure may be ebbing. A confirmed move above $74,500 would favor a bullish outlook; conversely, a break below $66,000 — and ultimately $60,000 — would increase the probability of deeper short-term declines.
For investors focused on the medium to long term, dips toward major support zones may present strategic accumulation opportunities, while traders should prioritize disciplined risk management until momentum clearly shifts.
Source: crypto
Leave a Comment