Bitcoin at Critical Crossroads in $60K–$70K Range

▲ Bitcoin (BTC)

The market has rebounded, but the trend has not yet reversed. Although the total cryptocurrency market capitalization has slightly recovered to $2.33 trillion, analysts say the overall movement remains in a “sideways within a bearish trend” phase.

According to investment media outlet FXStreet on February 20 (local time), the overall cryptocurrency market rose 1.3% over the past 24 hours to reach $2.33 trillion. This marks a rebound from the previous day’s short-term low of $2.27 trillion. However, the two most recent local highs were both formed around the $2.4 trillion level, indicating limited upside resistance. During the same period, Official Trump (TRUMP) surged about 10%, while Solana (SOL) climbed 3.4%. In contrast, Dash (DASH) fell 3.4% and Toncoin (TON) declined 1.5%, showing continued divergence among individual assets.

Bitcoin (BTC) rose more than 3.5% following the opening of U.S. markets, reaching around $67,900. However, this move merely restored prices seen earlier in the week, and analysts caution that it is too early to call it a trend reversal. On the daily chart, a bearish pennant pattern is forming. A drop below $65,700 would strengthen bearish signals, while a breakout above $70,000 would invalidate the pattern. In the broader view, Bitcoin continues a prolonged consolidation within the $60,000–$70,000 range, a historically significant price zone.

In Ethereum (ETH) developments, the 2026 development roadmap has been unveiled. The Ethereum Foundation is focusing on scalability improvements, enhanced user experience, and network protection. It plans to implement the “Glamsterdam” upgrade in the first half of 2026, followed sequentially by “Hegota.” Meanwhile, the Chicago Mercantile Exchange (CME) is seeking to introduce 24-hour trading for cryptocurrency futures and options starting May 29 and is currently under regulatory review.

On-chain and mining indicators also suggest a potential turning point. On February 19, Bitcoin mining difficulty surged 14.73% to reach 144.40T, reflecting the restart of equipment by U.S. mining companies that had temporarily shut down operations due to a cold wave over the past 10 days. Meanwhile, CryptoQuant reported that selling pressure in altcoins has reached its highest level in five years. The lack of substantial buying demand for alternative coins remains a burden on the market.

Ultimately, the market is in a phase where short-term rebounds coexist with medium-term bearish signals. Whether Bitcoin can break above $70,000 is expected to be a decisive watershed for future direction. Failure to breach the upper boundary may lead to a retest of the lower end of the trading range.

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