 ▲ Bitcoin (BTC) |
After losing the psychological support level of $70,000, Bitcoin (BTC) has fluctuated below $69,000, entering a cautious phase of market stabilization.
According to cryptocurrency-focused outlet FXStreet on February 10 (local time), Bitcoin has recently halted its steep decline and is forming prices near $68,500 as it goes through a process of confirming a short-term bottom. After rebounding from Friday’s low of $60,000, Bitcoin has been moving sideways within a narrow range between $67,300 and $71,751. FXStreet analyst Manish Chhetri noted that Bitcoin is currently near the lower boundary of this range, warning that a breakdown could trigger a harsh correction that once again tests the $60,000 level.
Technical indicators suggest that downside pressure on Bitcoin remains strong. On the four-hour chart, the Relative Strength Index (RSI) has fallen below the neutral level of 50, indicating conditions favor bearish sentiment. The Moving Average Convergence Divergence (MACD) lines are also converging, increasing the likelihood of a bearish crossover and heightening concerns over further declines. On the daily chart, the RSI has dropped to 32 and is heading toward oversold territory, raising the risk that Bitcoin could slide to $65,520, the 78.6% Fibonacci retracement level.
Despite the broadly pessimistic market sentiment, demand from institutions and corporations continues to provide strong support for Bitcoin’s downside. U.S. spot Bitcoin ETFs recorded $145 million in inflows on Monday alone, marking a second consecutive day of net inflows. As capital flows at major asset managers such as Bitwise stabilize, it has become clear that institutional investors view current price levels as attractive entry points. This influx of institutional capital is a key driver enabling Bitcoin to pursue cautious price stabilization rather than a sharp collapse.
Corporate moves led by Strategy, a firm known for its enterprise digital asset strategy, are also drawing attention. Strategy announced on Monday that it purchased an additional 1,142 BTC, increasing its total holdings to 714,644 BTC. The company’s continued aggressive accumulation despite market weakness is seen as a demonstration of its firm conviction in Bitcoin’s long-term value. Such large-scale accumulation has reinforced Bitcoin’s position as a scarce asset and a store of value in the minds of market participants.
On-chain analytics firm Glassnode noted that while momentum has improved slightly from extremely oversold levels, a defensive stance is still warranted. According to Glassnode analysts, market profitability remains compressed and capital flows are negative, suggesting that a full recovery will take time. They emphasized that meaningful spot demand capable of stabilizing prices above recently formed lows is essential for a sustainable rebound.
Bitcoin is currently passing through a critical crossroads amid conflicting signals of technical weakness and recovering institutional demand. The ability to hold the $67,300 support level is expected to be a key variable determining short-term direction, while a cautious approach is advised until the $73,072 resistance level is broken. Market participants are closely monitoring real-time price movements and the pace of institutional inflows to see whether Bitcoin can once again secure strong rebound momentum amid ongoing macroeconomic uncertainty.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*