Bitcoin Advances Toward $68,900 After Forming Double Bottom

▲ Bitcoin (BTC)

Bitcoin (BTC) is defending its downward trend by forming a double bottom in the low $68,000 range, drawing market attention to whether it can break through a key Fibonacci resistance level and rebound toward the $68,900 mark.

According to crypto-focused outlet The Crypto Basic on Feb. 20 (local time), Bitcoin recently experienced a sharp correction near $70,800 before establishing a clear double-bottom pattern in the $68,100–$68,200 range. The asset is currently moving sideways within a short-term consolidation box, compressing energy. Analysts say that by successfully defending this support level, Bitcoin has laid the groundwork for a potential technical rebound.

Analysts point out that breaking the strong Fibonacci resistance zone formed between $68,900 and $69,000 will be the key task in determining the next directional move. The market has now entered a phase of intense battle between buyers and sellers, and a decisive break above this supply wall is required to fully escape the downtrend. If Bitcoin surpasses $68,900 and successfully flips it into support, it could extend gains toward the $69,500–$69,800 range.

Within the Bitcoin network, the broader structure on higher time frames still maintains a bullish trend, though in the short term it remains in a compressed phase with reduced volatility. If the $68,100 support level breaks down, there is a risk of further decline toward $67,800. However, the double-bottom zone that has held twice is currently acting as a strong buffer. Investors are closely watching whether rising trading volume will accompany a breakout above resistance and enable Bitcoin to reclaim the $70,000 level.

Market participants are also paying close attention to the correlation with the max pain price related to options expiration. If Bitcoin breaks through the $68,900 Fibonacci resistance and sustains an upward rally, an optimistic scenario suggests that a short squeeze could occur, potentially pushing prices into the $73,000–$75,000 range. However, with macroeconomic uncertainties still lingering, analysts advise a cautious approach—waiting for a confirmed breakout above key resistance levels rather than engaging in premature buying.

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