Bitcoin Makes Lower Lows After Failed $76K Bounce

Bitcoin slid to its weakest levels since late 2024, breaking below the prior local low as traders shifted focus toward $70,000 and lower support bands.

After the Wall Street open on Wednesday, BTC dipped below $73,000 for a second time as US selling pressure returned. TradingView and exchange data showed intraday weakness in the U.S. session, with Bitstamp printing lows under $72,500—surpassing the 15-month lows recorded the day before—and a brief relief rally above $76,000 quickly faded.

Macro conditions offered little support. Gold surrendered recent gains, and U.S. equities opened lower, while sharp reversals in precious metals highlighted a broader risk-off tone.

QCP Capital said the avoidance of an immediate U.S. government shutdown reduced near-term headline risk, but cautioned that funding fights can recur: Homeland Security funding was extended only through Feb. 13, leaving another deadline ahead.

Market participants described the price move as characteristic “bear market” action. Sentiment is fragile: some traders pointed to $50,000 as a next key target if weekly closes remain beneath $74,000. Heavy volume on down days, long-liquidation clusters above $72,000, and more than $800 million in 24-hour crypto liquidations (CoinGlass data) all signaled elevated forced selling in derivatives markets.

Views on the next downside zones varied. One trader flagged a potential 59,000–65,000 range as the next meaningful support area, while others warned of a greater than $10,000 drop from any short-lived recovery. A technical buffer sits near the 200-week exponential moving average, around $68,000, which some traders watch as a longer-term safety net.

This article is not investment advice. Trading and investing carry risk; readers should do their own research before making decisions. While we aim to provide accurate information, no guarantee is made about completeness or reliability, and forward-looking statements are subject to risks and uncertainties.