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Bitcoin Market Update: A Review Following Months of Decline - February 2026
As highlighted in our previous Bitcoin analysis dated February 5, 2026, the failure to sustain the $70,000 support level carried the potential for a further drop to the crucial $60,000 mark—a scenario that has precisely materialized.
Although the overarching trend across higher timeframes, such as the monthly and weekly charts, still appears bearish, early indications of a potential trend reversal have begun to surface on the charts. On the weekly timeframe, the formation of a candlestick with a long lower shadow, alongside a short-bodied candlestick, reflects sellers' hesitation to continue the downtrend.
Furthermore, the price entering oversold territory provides initial signals indicating the weakening or potential conclusion of the downward phase. In a bullish scenario, as long as the price maintains its position above the critical $60,000 level, the upside potential will remain intact.
In this case, buyers will set their sights on targets such as $70,000 and, in a more aggressive extension, the $73,500 level. Conversely, in a bearish scenario, the initial bearish signal would be triggered if the $65,000 support level is breached. Should the downward pressure persist, we must once again await the resilience and strength of the crucial $60,000 support zone.
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