Bitcoin Trading Volume Halved… Will the $60,000 Support Level Break?

▲ Bitcoin Plunges / ChatGPT-generated image ©

Bitcoin (BTC) has slipped below $68,000 amid a sluggish consolidation that has lasted more than ten days, clearly revealing a deeply defensive market stance. A warning signal has emerged that if spot demand fails to revive, the price could plunge further toward the $60,000 level.

According to investment media outlet FXStreet on February 17 (local time), the leading cryptocurrency has been trapped within a narrow range between $65,700 and $72,000 over the past ten days, losing clear directional momentum. A Glassnode report analyzed that defensive investor sentiment is dominating across the spot and derivatives markets as well as on-chain indicators.

Data shows that selling pressure has eased somewhat. Spot Cumulative Volume Delta (CVD) improved from negative $352.9 million in early February to negative $193.9 million on Monday, suggesting that the market’s sell-off has entered a cooling phase. However, spot trading volume also plunged 48.3%, from $15.8 billion to $8.2 billion, highlighting extremely weak participation and a lack of conviction among investors.

More concerning is the strength of buying during declines. In the aftermath of past events such as the collapse of Luna (LUNA) and FTX, or during the first downturn in November 2025, aggressive dip-buying strongly supported the market. Yet when Bitcoin fell to $60,000 on February 6, the urgent and robust accumulation seen in the past was not observed. This subdued buying sentiment is being cited as a key factor extending the current defensive consolidation.

Technical indicators also paint an uneasy picture. On the daily chart, the Relative Strength Index (RSI) stands at 34, below the neutral level of 50, curving downward toward oversold territory and signaling strengthening bearish momentum. However, a bullish crossover that occurred on the Moving Average Convergence Divergence (MACD) indicator last Sunday remains valid, leaving a glimmer of hope for a rebound.

Experts forecast that if Bitcoin closes below the lower boundary of the current range at $65,729, it could cascade toward the key support level of $60,000. Conversely, if it decisively breaks above the upper resistance at $71,746, a meaningful recovery rally toward $73,072 could resume.

Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The information provided should be interpreted for informational purposes only.