Bitcoin Price Confirms Bearish Pattern Amid Institutional Demand Decline
- Price Downtrend: Bitcoin (BTC) price fell 7.2% to $70,119 on February 5, 2024, marking its lowest point since November 6, 2024, indicating a waning demand for risk assets that could lead to further declines.
- Institutional Demand Erosion: Data shows that the 12 U.S. spot Bitcoin ETFs recorded over $2.9 billion in outflows over the past 12 trading days, with total withdrawals reaching approximately $5.9 billion since November 2025, suggesting a decline in institutional interest in Bitcoin.
- Bearish Technical Indicators: Bitcoin has fallen below all key moving averages, with the 20-day and 50-day indicators forming a bearish crossover, and it has dropped below the $75,000 support level, indicating potential for further downside, possibly reaching $60,000.
- Weak Market Sentiment: Influenced by macroeconomic and geopolitical factors, investor appetite for risk assets has diminished, particularly following weak sales forecasts in the semiconductor sector and disappointing U.S. employment figures, which have exacerbated market uncertainty and mirrored the performance of the Nasdaq index.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36441.945 | 48220.973 | 61177.695 | 72956.723 | 85913.445 | 97692.473 | 110649.195 |
| Fibonacci | 48220.973 | 57670.029 | 63507.666 | 72956.723 | 82405.779 | 88243.416 | 97692.473 |
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