Bitcoin Nears Key Price Inflection Point, Locked in Tight Battle in the Mid-$60,000s

▲ Bitcoin (BTC) / ChatGPT-generated image

Bitcoin (BTC) has reached the end of a contracting triangle pattern in which price has been compressing within a narrow range, arriving at a technical inflection point that could determine market direction for the coming weeks.

According to crypto media outlet U.Today on February 23 (local time), after experiencing a sharp decline from its recent highs, Bitcoin entered a triangle consolidation phase marked by decreasing volatility. With the price now trading very close to the boundary of this formation, the next move is expected to determine whether the market finds stability or enters a further downturn. As upside momentum has noticeably weakened in the recent structure, Bitcoin continues to trade below key moving averages despite multiple rebound attempts, maintaining an overall bearish trend.

Rather than an immediate breakdown, Bitcoin is compressing energy by forming higher lows against relatively flat resistance. Sellers are pressuring the market from above, while buyers are defending short-term support below, creating a zone of mounting tension. Scaramucci stated, “We are in a bear market,” highlighting the prevailing uncertainty. Such tension can ultimately be resolved only through a breakdown below the triangle or a breakout above it.

Market participants are closely watching Bitcoin’s repeated tests of the lower boundary, remaining cautious about the possibility of a support failure. A decisive drop below the triangle could trigger stop-loss orders and bring sidelined sellers into the market, potentially reigniting a larger bearish trend. Conversely, the current range may act not merely as a pause but as a real-time decision point that could serve as a foundation for stabilization.

Traders are monitoring the current consolidation zone in the mid-$60,000 range. To maintain a short-term stabilization scenario, this level must hold. If lost, there is a significant risk that the decline could accelerate toward the structural support in the low-$60,000 range, where buyers previously stepped in during the initial wave of selling. At present, Bitcoin remains in a delicate balance between energy exhaustion and trend continuation.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from reliance on this information. The content should be interpreted solely for informational purposes.*