Bitcoin Price Continues to Slide to $68,979 Amid Market Weakness
- Price Decline Trend: Bitcoin's price fell to $68,979 on February 10, down 2% over the past 24 hours and 12% over the past week, indicating persistent market weakness that impacts investor confidence.
- Surge in Trading Volume: Despite the price drop, spot trading volume increased by 15.2% in the last 24 hours to $52 billion, suggesting that traders are actively repositioning, which could affect market liquidity and price volatility.
- Cooling Institutional Demand: As of February 9, U.S. spot Bitcoin ETF holdings dropped to approximately 1.27 million BTC, a decrease of 90,000 BTC from peak levels, reflecting waning confidence among institutional investors that may further pressure the market.
- Technical Analysis: The loss of the $70,000 level has altered market structure, with current prices below both the 50-day and 20-day moving averages, lacking upward momentum; failure to hold above $68,000 could lead to further declines towards $60,000.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 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 | 41898.168 | 50949.084 | 61322.168 | 70373.084 | 80746.168 | 89797.084 | 100170.168 |
| Fibonacci | 50949.084 | 58369.052 | 62953.116 | 70373.084 | 77793.052 | 82377.116 | 89797.084 |
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