Daily BTC Technical Analysis 20260208
- Price Trend: On February 6, Bitcoin dropped to $60,000 due to factors such as high leverage option liquidations and institutional deleveraging, marking a new low since October 2024. However, it rebounded significantly, recovering over 19% within 24 hours, reclaiming all losses from the plunge on February 6, and forming a "deep V" reversal pattern on the daily chart. Nevertheless, from a weekly performance perspective, this week's cumulative decline still exceeds 15%, and the medium-term downward trend has not been completely reversed.
- Key Support and Resistance Levels: Based on previous trends and technical analysis, concerning key support levels, the first support level can be observed in the $69,000-$72,500 region, which is the upper edge of the previous adjustment center and has certain support strength; if it breaks down, the $64,500-$65,500 region of the previous oscillation center will become an important support. Regarding resistance levels, the first pressure zone is in the $80,000-$80,600 region, which is the area of previous lows, and further resistance can be looked at around $84,000, which is the lower edge of the previous range.
- Technical Indicators: From the daily level, after the rebound on February 7, the MACD indicator green momentum bars show signs of narrowing but remain below the zero axis. Although bearish strength has weakened, it has not completely reversed. The RSI indicator has rebounded from the oversold area to above 30, residing in a neutral to bearish zone, indicating some short-term rebound momentum. The KDJ indicator continues to diverge upwards after forming a golden cross at a low level, providing some support to prices in the short term.
- Market Sentiment and Capital Flow: The cryptocurrency fear and greed index remains in the "extreme fear" range, and market confidence has not fully recovered. In terms of capital flow, the cryptocurrency-themed ETF has seen continuous outflows, with over $740 million flowing out on February 5 alone from more than 140 cryptocurrency-themed ETFs, totaling nearly $4 billion in net outflows over the past three months, with significant institutional selling pressure and no obvious signs of capital returning yet.
