Bitcoin Plunges 4% to $68K Amid 4-Week Downtrend, Awaits $71K Resistance

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17 Feb, 2026

The cryptocurrency market has been experiencing a significant downturn, with Bitcoin (BTC) dropping to $68,000, marking a 4% decline in the past week. This downward trend has been ongoing for four weeks, resulting in a total loss of over 10% in value. The decline comes after Bitcoin's earlier rally toward record highs, where it reached an all-time high of over $80,000. Despite the current correction, emerging indicators suggest that the market may be preparing for a short-term recovery, with a potential test of the $71,000 resistance level.

The recent sell-off has been driven by a combination of factors, including macro uncertainty and technical resistance. The breakdown below $75,000 earlier this month accelerated losses toward the $60,000 demand zone, where buyers re-entered the market, triggering the current rebound. The price action is now compressing between $68,000 and $72,000, an area viewed as key resistance. Analysts note that a sustained move above $72,000 could open the path toward $75,000, while repeated rejection may send Bitcoin back toward $65,000 or even retest the $60,000 support region.

Deep Analysis: Causes and Market Reaction

The current market structure remains fragile, with Bitcoin trading within a descending channel on higher timeframes. The 50-day moving average has been acting as a resistance level, confirming that the short-term trend has not yet shifted bullish despite the recent bounce. However, technical momentum is showing early signs of improvement, with the RSI forming a bullish divergence. This pattern is often associated with relief rallies, suggesting that the market may be preparing for a short-term recovery.

The recent volatility has also resulted in significant liquidations, with over $75 million in Bitcoin futures positions being liquidated. Such liquidations can reset market positioning and sometimes precede stronger directional moves. On-chain sentiment adds another layer to the outlook, with larger orders appearing near the $60,000–$65,000 range, suggesting accumulation by larger market participants during the sell-off. Recent upward moves appear to be driven more by retail traders, who are becoming increasingly active in the market.

Market Impact: Price Action and Volume Spikes

The recent price action has been marked by significant volatility, with Bitcoin's value fluctuating between $65,000 and $72,000. The trading volume has also been affected, with a notable spike in volume during the recent sell-off. The market is now awaiting the next test of the $71,000 resistance level, which could determine the short-term direction of the market. A sustained move above this level could open the path toward $75,000, while repeated rejection may send Bitcoin back toward $65,000 or even retest the $60,000 support region.

The market is also keeping a close eye on the upcoming Chinese New Year, which has historically coincided with mixed performance in crypto markets. Some traders expect short-term liquidity shifts, though analysts caution that global participation has reduced the impact of regional events over time. Corporate conviction remains visible, with Strategy chairman Michael Saylor recently stating that the firm could withstand an extreme Bitcoin decline to $8,000 while continuing to hold and accumulate the asset.

Social Pulse: Analyst Insights and Expert Opinions

Analysts are divided on the short-term outlook for Bitcoin, with some expecting a relief rally and others predicting further declines. However, most experts agree that the long-term outlook for the cryptocurrency remains positive, with many predicting that it will eventually break out of its current range and reach new highs. The recent bullish divergence in the RSI is seen as a positive sign, suggesting that the market may be preparing for a short-term recovery.

Some experts also note that the current correction is a normal part of the market cycle, and that Bitcoin has experienced similar declines in the past. The key is to look at the long-term trends and not get caught up in short-term volatility. As one analyst noted, "The current correction is a buying opportunity for those who believe in the long-term potential of Bitcoin."

Future Outlook: Evidence-Based Predictions

Based on the current market structure and technical indicators, it is likely that Bitcoin will continue to trade within its current range in the short term. However, the emerging indicators suggest that the market may be preparing for a short-term recovery, with a potential test of the $71,000 resistance level. A sustained move above this level could open the path toward $75,000, while repeated rejection may send Bitcoin back toward $65,000 or even retest the $60,000 support region.

In the long term, the outlook for Bitcoin remains positive, with many predicting that it will eventually break out of its current range and reach new highs. The current correction is seen as a normal part of the market cycle, and the key is to look at the long-term trends and not get caught up in short-term volatility. As one expert noted, "The long-term outlook for Bitcoin is positive, and we expect it to continue to grow in value over the coming years."

Some potential price targets for Bitcoin in the short term include:

$71,000: A key resistance level that could determine the short-term direction of the market.
$75,000: A potential target if Bitcoin is able to break out of its current range and reach new highs.
$65,000: A potential support level if Bitcoin is unable to break out of its current range and falls back toward its previous lows.
$60,000: A key support level that could determine the long-term direction of the market.

The market is also keeping a close eye on the upcoming events and announcements that could affect the price of Bitcoin. Some of the key events to watch include:

The Chinese New Year, which has historically coincided with mixed performance in crypto markets.
The upcoming earnings reports from major companies, which could affect the overall market sentiment.
The regulatory environment, which could affect the adoption and use of Bitcoin.

In conclusion, the current market structure and technical indicators suggest that Bitcoin may be preparing for a short-term recovery, with a potential test of the $71,000 resistance level. However, the long-term outlook for the cryptocurrency remains positive, with many predicting that it will eventually break out of its current range and reach new highs.

The key is to look at the long-term trends and not get caught up in short-term volatility. As one expert noted, "The current correction is a buying opportunity for those who believe in the long-term potential of Bitcoin." With the upcoming events and announcements that could affect the price of Bitcoin, it is essential to stay informed and up-to-date on the latest market developments.

Some key statistics to keep in mind include:

4% decline in the past week
$68,000 current price
$71,000 potential resistance level
$75,000 potential target
$65,000 potential support level
$60,000 key support level

In terms of timeframes, the market is looking at:

Short term: The next few days to weeks
Medium term: The next few weeks to months
Long term: The next few months to years

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency markets are highly volatile. Always conduct your own research (DYOR) before making any investment decisions. The content is generated with the assistance of AI and should be verified against official sources.

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