Bitcoin Faces Doomsday Fears if $65,000 Fails to Hold—Is It Time to Flee?

▲ Bitcoin plunge/ChatGPT-generated image

Bitcoin (BTC) is under intense selling pressure, threatening the $65,000 support level and spreading fears of further declines across the broader cryptocurrency market.

According to NewsBTC on February 13 (local time), Bitcoin recently failed to break above the $68,000 resistance level and has since entered a steep downtrend, successively losing key support zones. Analyst Aayush Jindal noted that selling pressure accelerated after Bitcoin encountered strong resistance around $67,500 and $68,000, and that it is now in a precarious অবস্থение after slipping below the $66,000 level. The market remains unstable as disappointed sellers, reacting to the failed short-term rebound, continue to offload positions.

Technical indicators are collectively warning of further downside, dampening investor sentiment. The Moving Average Convergence Divergence (MACD) indicator is strengthening its bearish momentum in negative territory, while the Relative Strength Index (RSI) has plunged below the baseline of 50, indicating that sellers have firmly taken control of the market. Jindal analyzed that “as long as Bitcoin remains below $66,000 and the 100-hour simple moving average, the risk of continued downside remains very high.”

The most urgent task now is to defend the $65,000 support level, but with buying interest largely absent, whether this zone can hold remains uncertain. If the $65,000 support collapses, losses could accelerate rapidly toward $64,200 and even $63,200. Conversely, to halt the decline, Bitcoin would need to quickly reclaim $67,000 and then break through the strong resistance wall at $68,000—an uphill battle.

Retail investors appear extremely sensitive to signs of support breakdowns and have shifted to a wait-and-see stance. Bitcoin supply on exchanges is increasing, while no clear accumulation signals from whale investors have been detected, exacerbating the supply-demand imbalance and further pressuring prices. Experts agree that with weekly closing approaching, volatility could intensify, making this a time to focus on risk management rather than aggressive dip-buying.

Bitcoin is currently at a critical crossroads between a trend reversal and the start of a full-fledged downcycle. Whether key psychological support levels hold or break is expected to serve as a watershed moment determining market direction over the coming month.

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