*Bitcoin Market Update*
Current Price: $71,226.78 (as of Feb 8, 2026)
Market Cap: $1.423 trillion
24-hour Trading Volume: $37.20 billion
Price Change:
- 24 hours: +2.72%
- 7 days: -8.41%
- 30 days: -21.36%
*Fundamental Analysis:*
Bitcoin's price movement is influenced by market sentiment, regulatory developments, and global events. Currently, analysts believe US economic growth and improving macroeconomic conditions could propel Bitcoin's price upward. Institutional investment via crypto ETFs and optimism over Congress tackling crypto rules are also driving factors$BTC
*Technical Analysis:*
Bitcoin is in a falling trend channel, indicating negative development and falling buy interest. The RSI reading of 33.57 suggests oversold conditions, which could precede a short-term bounce. However, the MACD histogram reinforces bearish momentum. Key levels to watch:
- Support: $68,160 (Fibonacci 78.6% retracement)
- Resistance: $72,408 (7-day SMA) and $83,426 (38.2% Fibonacci retracement)
*Outlook:*
If Bitcoin holds above $68,160, a relief bounce toward $71,450 is possible. A break below risks a deeper drop toward $65,000. The upcoming US January CPI report on Feb 13, 2026, could influence rate expectations and risk asset liquidity
