Key Highlights
- Bitcoin is struggling to recover above $69,500 and $70,000.
- A bearish trend line is forming with resistance near $69,750 on the 4-hour chart of BTC/USD.
- Ethereum struggled to settle above $2,100 and $2,120.
- Gold could aim for a fresh increase if it settles above $5,140.
Bitcoin Price Technical Analysis
Bitcoin price attempted a recovery wave above $72,000 against the US Dollar but failed. BTC dipped below $70,000 and is now at risk of more downsides.
Looking at the 4-hour chart, the price declined and tested the $65,500 support zone. It spiked below the 50% Fib retracement level of the recovery wave from the $59,885 swing low to the $72,193 high.
The price is also well below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). Immediate support sits at $66,000. The first key support could be $64,500 and the 61.8% Fib retracement level of the recovery wave from the $59,885 swing low to the $72,193 high.
A downside break below $64,500 might start another decline. The next major support is $62,750, below which BTC could decline toward $60,000.
If there is another recovery wave, the price could face resistance at $69,500. There is also a bearish trend line forming with resistance near $69,750. The first key hurdle is $70,000 and the 100 simple moving average (red, 4-hour).
A close above $70,000 could send the price toward $72,000. Any more gains might call for a test of $75,000.
Looking at Ethereum, the price also reacted to the downside from $2,120. The bears might now aim for more losses unless there is a close above $2,120 and $2,150.
Today’s Key Economic Releases
- US Initial Jobless Claims – Forecast 225K, versus 227K previous.
- Philadelphia Fed Manufacturing Survey for Feb 2026 – Forecast 9.3, versus 12.6 previous.
