Daily BTC Technical Analysis 20260207
- Price Movement: Bitcoin nearly fell below $60,000 on February 6th before rebounding sharply. It returned above $70,000 on February 7th, almost recovering all of the losses from February 6th, indicating some buying support at lower levels. However, it remains in a recent downtrend, with a cumulative drop of over 15% this week.
- Key Support and Resistance Levels: The key support level to watch is $69,700. If it holds, it is expected to maintain an upward trend in the short term. If it breaks down, it may seek support around $68,810 or even $68,280. The first resistance level to watch is around $72,168 (MA5 moving average), with further resistance around $77,345 (MA10 moving average).
- Technical Indicators: From a daily chart perspective, the MACD indicator is still negative, indicating a sell signal. However, the RSI indicator is at 32.362, recovering from oversold territory and trending towards neutral. In the KDJ indicator, the K and D values have formed a golden cross at low levels, and the J value is rising, indicating short-term rebound momentum. The StochRSI indicator shows a buy signal, but the Williams %R and CCI indicators still show sell signals, indicating some divergence among the indicators and suggesting uncertainty in the short-term trend.
- Market Sentiment and Funding: The cryptocurrency fear and greed index is in the "extreme fear" zone, indicating that market panic has not completely dissipated. Previously, Bitcoin ETFs experienced continuous outflows, with institutional investors significantly reducing their holdings, putting considerable selling pressure on the market. However, after the recent sharp fluctuations and rebounds, some long positions have been liquidated, and the market may need some time to rebalance. Going forward, attention should be paid to funding indicators such as ETF fund flows and the Coinbase premium index to determine the true market demand and trading sentiment.
