 ▲ Bitcoin (BTC) © |
Bitcoin (BTC) slipped below the $69,000 level, putting the key support zone at $67,300 under threat. If this support breaks, concerns are rising that a further correction toward $60,000 may be unavoidable. However, steady buying from institutional investors and corporations is providing short-term downside rigidity, helping to prevent a market collapse.
According to investment media outlet FXStreet on February 10 (local time), Bitcoin spot exchange-traded funds (ETFs) recorded net inflows of $145 million on Monday, marking a second consecutive day of inflows following $371.15 million on Friday. This indicates a gradual recovery in institutional demand. Strategy also continued its aggressive Bitcoin accumulation strategy by purchasing an additional 1,142 BTC, bringing its total holdings to 714,644 BTC, contributing to improved market sentiment.
On-chain data analysis from Glassnode shows the 14-day relative strength index (RSI) rebounding from oversold territory, signaling easing selling pressure and potential inflows of buying demand. However, the increase in spot trading volume appears to reflect position turnover driven by price declines rather than genuine accumulation, suggesting it is still too early to be optimistic about market conditions. Analysts note that overall market indicators—spot, derivatives, and ETFs—remain defensive, and that a clear recovery will require fresh spot demand.
From a technical analysis perspective, Bitcoin on the 4-hour chart is approaching the lower bound of a range between $67,300 and $71,751. If the $67,300 support level breaks, the decline could extend toward $60,000, the low from last Friday. The 4-hour RSI is below the neutral 50 level, and the moving average convergence divergence (MACD) is approaching a bearish crossover, indicating that bearish momentum remains dominant.
The daily chart also continues to show instability. Bitcoin fell about 9% last week, touching $60,000 before rebounding, but then turned lower again after retesting resistance at $73,072. If declines continue, the price could slide to $65,520, the 78.6% Fibonacci retracement level drawn between the August 2024 low and the October 2025 high. The daily RSI stands at 32, nearing oversold territory.
Experts believe that Bitcoin must break above the $73,072 resistance level to transition into a full-fledged uptrend. While selling pressure has eased somewhat, the market remains on thin ice, and whether the $67,300 support holds is expected to be the key factor determining short-term market direction.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for investment losses incurred based on this information. The content should be interpreted solely for informational purposes.*