Bitcoin Won’t Give Up $70,000... Halts Decline and Gathers Momentum for Rebound

▲ Bitcoin (BTC) / AI-generated image

Bitcoin (BTC) is holding firmly above the $70,000 level despite intense selling pressure, defending this psychological support line while seeking an opportunity for a rebound.

According to crypto-focused outlet U.Today on February 20 (local time), analyst Arman Shirinyan noted that despite a sharp correction and strong selling pressure, Bitcoin has successfully defended its price by forming a stable recovery structure near $70,000. Rather than allowing a one-sided decline, buyers are actively supporting this zone, signaling that the market is unwilling to give way بسهولة. The market’s reaction to the downturn has been characterized by a rapid slowdown in bearish momentum and the compression of volatility.

Market participants are consolidating prices by gradually raising local lows in an effort to regain control. Although the broader trend remains fragile, the halt in panic selling and the tightening of volatility are typically interpreted as a consolidation phase preceding a major move. Notably, data from the futures market shows a significant concentration of liquidity around the $69,000 level, creating a magnetic pull that is drawing prices toward that zone.

Liquidity-heavy areas often act as fuel for short-term momentum, meaning that if Bitcoin approaches this range even with modest buying pressure, prices could rise faster than expected. Should a chain of forced liquidations occur, the pace toward reclaiming $70,000 could accelerate sharply. However, the fact that Bitcoin remains below key moving averages and that macroeconomic sentiment continues to stay cautious remains an important variable.

As a result, any initial upward movement carries the risk of being merely a temporary whipsaw aimed at capturing liquidity rather than signaling a full transition into a bull market. Nevertheless, reclaiming the $70,000 mark would represent a significant psychological victory for market participants, potentially prompting at least a temporary shift in investor sentiment back toward risk-on assets.

The digital asset market is currently locked in a fierce battle at the formidable $70,000 resistance level, searching for direction. Whether buyers can maintain firm support and leverage liquidation volume as momentum for a rebound is expected to determine Bitcoin’s short-term trajectory. Global investors are closely watching for a break below key support levels and changes in trading volume while maintaining a cautious stance.

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