Bitcoin Signals Brutal Drop to $63,500

▲ Bitcoin (BTC)

Bitcoin (BTC) is facing intensifying downward pressure after failing to break through the psychological resistance level of $68,000 and now threatening the $66,000 support line.

According to cryptocurrency media outlet NewsBTC on February 19 (local time), Bitcoin recently failed to establish itself above the $68,000 range and has entered a new downward phase. The price fell below the $67,500 and $67,000 support levels in succession and at one point dropped beneath the 76.4% Fibonacci retracement level of the rise from the $65,072 low to the $70,935 high. Bitcoin is currently struggling to recover losses while barely finding support around the $66,000 level.

Market analyst Aayush Jindal noted that Bitcoin is trading below $67,200 and the 100-hour simple moving average. On the hourly chart, a descending channel is forming with resistance at $68,000, and he warned that further declines are likely if this level is not decisively broken. In particular, if the $66,000 level collapses, the pace of decline could accelerate, sharply dampening overall market sentiment.

Technical indicators also support the bearish outlook. The hourly Moving Average Convergence Divergence (MACD) is gaining momentum in bearish territory, while the Relative Strength Index (RSI) has fallen below the neutral 50 level, indicating weakening buying pressure. Key resistance levels are set at $67,350 and $68,000, and a close above $68,000 is essential to signal a shift toward an upward trend. If that resistance is cleared, Bitcoin could attempt to reclaim $70,000 after passing through $68,800 and $69,500.

Conversely, if Bitcoin fails to overcome the $68,000 resistance wall, it is likely to retest the $65,500 and $65,000 support levels. In the short term, a drop toward $64,200 appears possible, and if the final support at $63,500 breaks down, there is a risk of entering a prolonged correction phase with limited prospects for near-term recovery. The crypto asset market is currently experiencing extreme uncertainty amid weakening Bitcoin dominance and internal headwinds, including technical controversies surrounding the XRP Ledger (XRPL).

Ultimately, Bitcoin appears poised to continue a precarious trajectory amid macroeconomic pressures and technical resistance. Experts are closely monitoring movements within the descending channel, viewing the defense of the $66,000 level as a critical turning point that could determine the market’s direction this week. Investors are advised to closely observe real-time supply-demand shifts and institutional trading activity while adopting conservative strategies.

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