10x Research Warns of Short-Term Bitcoin Pullback… When Will It Break the $70,000 Barrier?

▲ Bitcoin (BTC)

Bitcoin (10x Research) has encountered a technical resistance barrier and is now facing the risk of further short-term decline. As buying momentum that had attempted to drive a price recovery weakens, concerns are growing in the market over a potential dead cat bounce—a temporary rebound within a broader downtrend.

According to Yahoo Finance on February 17 (local time), Markus Thielen, founder of 10x Research, analyzed that further correction is inevitable if Bitcoin (BTC) fails to break through the strong psychological resistance level of $70,000. Thielen pointed out that key technical indicators, including the Relative Strength Index (RSI), remain within a bearish trend. He explained that a mild rebound unsupported by strong buying volume could instead provide an opportunity for large holders to offload positions near local highs.

The macroeconomic environment is also shifting in a direction unfavorable to Bitcoin. Aggressive tariff policies under the Donald Trump administration have triggered global trade tensions, prompting investors to favor tangible assets such as gold or cash over risk assets like Bitcoin. As retaliatory tariff measures between the United States and the European Union become more concrete, market uncertainty has surged to extreme levels, acting as a critical barrier preventing liquidity from flowing into the digital asset market.

Capital inflows through spot cryptocurrency ETFs have also slowed noticeably. Although Bitcoin spot ETFs were a strong driving force behind the market rally at launch, they have recently turned to net outflows, increasing downward pressure. Institutional investors appear to be taking a wait-and-see approach, prioritizing stability in macroeconomic indicators over exposure to Bitcoin’s volatility. This supply-demand imbalance has become a key factor preventing prices from securing support and contributing to further declines.

Bitcoin now stands at a critical juncture, with the defense of the $65,000 level serving as the primary support that could determine its near-term trajectory. If this level collapses, losses could accelerate, potentially pushing prices below $60,000. Market participants are advised to avoid being swayed by short-term rebounds and instead closely monitor meaningful shifts in macroeconomic variables and technical indicators before making decisions.

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