Bitcoin analysis warned the $69,000 mark may end up as long-term resistance again, thanks to its significance in BTC price history.
Bitcoin (BTC) hit new week-to-date lows on Wednesday as $66,500 came into focus.
Key points:
-
Bitcoin is trading in a key historical zone, but buyer pressure is too weak to break resistance.
-
Analysis sees current range resistance potentially lingering months as a result.
-
February BTC price downside has almost beaten 2025.
Analysis: Bitcoin bulls too weak to crack $69,000
Data from TradingView put daily BTC price losses at nearly 3% after the $70,000 area again provided weak support.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewStill facing bottom predictions of $50,000 or lower, BTC/USD offered traders little reason to flip bullish.
Keith Alan, co-founder of trading resource Material Indicators, noted the importance of the current narrow trading range.
“$BTC continues to show signs of weakness around $69k, however if you look back to 2024 you will notice that price spent an extraordinary amount of time consolidating in this range,” he wrote in one of his latest posts on X.
BTC/USD one-week chart. Source: Keith Alan/XThe significance of $69,000 means that it could act as a double-edged sword in future.
“If a bullish catalyst emerges and triggers a recovery, we can conclude that the additional consolidation in this range, fortified structural support,” Alan continued.
BTC price eyes biggest February loss since 2014
On shorter time frames, a local bottom may be in, per statistics from pseudonymous trader Killa.
Related: BTC traders wait for $50K bottom: Five things to know in Bitcoin this week
Recent findings published on X reveal that BTC price action often sets its monthly high or low between the fourth and seventh day of a given monthly candle.
Mondays have been particularly lucrative for short positions since Bitcoin began breaking down from all-time highs in October 2025.
“You could have shorted $BTC every Monday for the past 4 months & won 18/19 trades,” Killa told followers.
Bitcoin price chart with Mondays highlighted. Source: Killa/XData from monitoring resource CoinGlass shows that at -14.4%, Bitcoin’s February losses in 2026 are almost on par with last year’s performance. Still, since 2013, February has only ended in the red three times.
BTC/USD monthly returns (screenshot). Source: CoinGlassThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Source: https://cointelegraph.com/news/bitcoin-price-drops-3-percent-analyst-warns-bulls-lack-momentum-69k?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
