“Downward Pressure Over” Bitcoin Resumes Push Toward $70,000

▲ Bitcoin (BTC)

Bitcoin (BTC) has shown a strong recovery since February 13, suggesting that downward pressure has ended as it approaches reclaiming the psychologically significant $70,000 level.

According to cryptocurrency-focused outlet U.Today on February 17 (local time), Bitcoin confirmed a bottom in the mid-$60,000 range after overcoming aggressive liquidations and broad market selling pressure, and has since drawn a steady upward curve. A surge of dip-buying demand has formed a short-term recovery structure, supported by rising trading volume. With Bitcoin once again nearing the technical and psychological threshold of $70,000, market participants are closely watching for a potential shift in trend.

Bitcoin is still trading below several major moving averages, prompting caution from a broader market structure perspective. However, the speed and strength of the current rebound indicate that the selling pressure dominating the market in recent weeks has significantly weakened. If Bitcoin manages to secure a daily close above $70,000, a renewed bullish sentiment is expected to spread, potentially attracting substantial inflows from both institutional and retail investors who have been waiting for signs of stabilization.

The market’s response to recent volatility is also being interpreted as a positive signal. Instead of recording further losses, Bitcoin quickly secured support levels, suggesting that long-term investors are accumulating rather than exiting positions. Such behavior is typically characteristic of a market transitioning from a capitulation phase into a recovery phase.

While the possibility of a temporary pullback due to upper resistance levels remains, the current upward trajectory adds weight to an optimistic outlook. If buying pressure continues and the broader macro environment remains favorable, Bitcoin could gain stronger momentum than initially anticipated. A confirmed breakout above $70,000 would provide powerful confirmation that the recent intense wave of selling has fully come to an end.

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