Bitcoin (BTC) failed to break above the $69,000 resistance level, heightening warnings of further downside. As a result, pessimism is spreading among investors that the current rebound is merely a temporary relief rally.
According to cryptocurrency-focused media outlet Cointelegraph on February 7 (local time), Bitcoin failed to hold the $69,000 level at the start of the weekend and plunged by more than $4,000 from its daily open. With the previous all-time high recorded in 2021 now acting as a strong resistance, the market is issuing repeated warnings that a definitive bottom has yet to be confirmed.
Keith Alan, co-founder of trading resource Material Indicators, emphasized on social media that “Bitcoin has not yet reached a bottom, and the top priority right now is capital preservation.” He added, “There is absolutely no evidence that the situation has fully turned bullish,” diagnosing that “$60,000 may have been an opportunity, but there is a high probability prices will fall lower before a bull market returns.”
Chart analyst Rekt Capital also presented an analysis suggesting the downtrend is not over, citing historical post-halving patterns. He explained, “Bitcoin tends to peak toward the end of the year after a halving, then bounce from a macro triangular consolidation bottom before ultimately breaking down and entering an accelerated decline phase.” He pointed out that this historical tendency has repeated four times in a row, placing greater weight on the possibility of further declines.
On the other hand, some experts are leaving room for a short-term rebound based on gaps that have formed in the Chicago Mercantile Exchange futures market. Cryptocurrency analyst Michaël van de Poppe forecast, “After today’s correction, prices will rise again tomorrow to fill the futures market gap, and next week could target levels above $75,000.” There is currently an unfilled gap around $84,000 in the futures market, making it a major focal point for investors.
Samson Mow, CEO of Bitcoin adoption firm JAN3, analyzed that large corporate buyers are highly likely to add Bitcoin to their balance sheets at current low levels. The market is presently characterized by a tight standoff between short-term correction pressure and pent-up demand from corporate buyers waiting to accumulate. Investors are closely watching whether gap zones—which act as price magnets in the futures market—will be recovered, while guarding against the risk of further declines.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely for informational purposes.*
<저작권자 ⓒ 코인리더스 무단전재 및 재배포 금지>
|
  많이 본 기사
English 많이 본 기사
최신기사
|
