Bitcoin’s $65,000 Seen as Last Line of Defense as Breakdown of Support Triggers Investor Panic

▲ Bitcoin (BTC)

Bitcoin (BTC) has come under downward pressure after failing to reclaim the psychological threshold of $70,000, being pushed down to the $65,000 support level and facing the risk of a further sharp decline.

According to cryptocurrency media outlet NewsBTC on February 12 (local time), Bitcoin was blocked by selling pressure near the $72,000 resistance level, reversed into a downtrend, and is currently trading below $66,000 while enduring ongoing downward pressure.

An analysis of price movements shows that after breaking downward at the $68,000 level, Bitcoin sequentially lost key support levels at $67,000 and $66,200. On the hourly chart, a downward trendline formed around $67,200 is acting as strong resistance, preventing a rebound.

The Moving Average Convergence Divergence (MACD) indicator is showing increasing bearish momentum within negative territory, while the Relative Strength Index (RSI) has fallen below 50, suggesting that buying pressure remains weak.

In the near term, $65,500 and $65,000 are expected to serve as key support zones. However, if these levels break down, many analysts believe the price could correct to around $62,000. For a rebound to materialize, Bitcoin must first break above $67,200 and then establish itself above the $68,000 level.

As Bitcoin continues to move sideways without finding a clear catalyst for recovery, market anxiety is spreading. In the short term, whether it can defend the $65,000 level is considered the most critical factor in determining its next price direction.

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