Bitcoin Rejected at $68,000 Resistance; Analysts Warn of Prolonged Long-Term Downtrend

▲ Bitcoin (BTC), Cryptocurrency Decline/AI-Generated Image

Bitcoin (BTC) failed to break above the $68,000 resistance level and has turned downward again, prompting analysts to warn that the market’s bearish phase may not yet be over.

According to Cointelegraph on February 26 (local time), Bitcoin attempted to reclaim the $70,000 level the previous day but was unable to overcome trendline resistance near $68,000 and subsequently retreated. As selling pressure intensified following the opening of Wall Street, the price fell more than 1%, threatening the $67,000 range. Experts suggest that this failed rebound may not merely be a short-term correction but rather an extension of a longer-term downtrend cycle.

Market analyst Rekt Capital stated that the likelihood of additional downside remains high as long as Bitcoin trades below its 200-week moving average. “Historically, Bitcoin bear markets have lasted at least 365 days, yet the current downturn has only persisted for about 140 days,” he noted, emphasizing that it is premature to conclude the bear market has ended. He added that the price beginning to treat the 200-week moving average as resistance could pose a significant burden for bullish investors.

Technical indicators also call for caution. The Relative Strength Index (RSI) remains below the neutral 50 level, suggesting that strong buying momentum has yet to materialize. Trader Jelle pointed out that Bitcoin faced a strong rejection at both the previous cycle high and a 12-hour trendline, urging market participants to exercise extreme caution. Confirming a market bottom prematurely is risky while the downtrend remains clearly intact.

Another analyst, Roman, recalled that in past bear markets Bitcoin experienced declines of roughly 80% from its peak. Compared to its all-time high of $126,200 recorded in October 2025, the current decline stands at about 53%, implying that further downside could be inevitable if historical patterns repeat. Roman advised that investors need greater patience, noting that no clear reversal signals have appeared on the monthly or weekly charts.

In conclusion, Bitcoin’s failure to break through a key resistance level has significantly damaged its upward momentum. The unsuccessful attempt to reclaim $70,000 has rapidly cooled market sentiment, increasing concerns about further declines. Investors are advised to adopt a conservative stance, closely monitor the market, and focus on risk management until clear technical reversal signals emerge.

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