02-06-2026, 05:02 AM
Bitcoin Market Overview – February 5, 2026
From the beginning of 2023 through the end of 2025, Bitcoin exhibited a robust bullish trend, establishing impressive record highs. However, driven by oversold conditions and various fundamental factors, the asset has ultimately entered a corrective phase and a downward trajectory.
Currently, on long-term timeframes such as the weekly chart, no clear technical justification for the continuation of the bullish trend has yet emerged. A shift towards a bullish outlook requires, at a minimum, the formation of distinct signals—specifically the establishment of a consolidated price floor alongside other technical confirmations.
Upon reaching the critical support level of $70,000, the intensity of the decline has subsided. Aggressive traders (high-risk buyers) may probably initiate activity from this support zone.
An analysis of the Fear and Greed Index indicates a reading of 12 for today and 14 for yesterday, placing the market in a state of "Extreme Fear." These metrics reflect excessive market anxiety under current conditions. Traditionally, such extreme sentiment often signals a window for potential—albeit high-risk—buying opportunities.
Given the asset's deeply oversold condition and the historically low readings on the Fear and Greed Index at the psychological level of $70,000, there is potential for a price bottom to form in this zone. Should this bottom be established, the price holds the potential to rally toward the resistance level of $73,900, and in a more robust scenario, extend to $78,600.
Conversely, should the current support level be breached and prices consolidate below it, market pessimism is likely to persist. In this event, the potential for further downside increases, targeting the support level of $65,200, and in a more severe bearish extension, dropping to $58,000.
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