Bitcoin’s been having a bad day for the longest time, all the while trying to figure out if it should take a break or keep chasing its own shadow. Lately, the price’s been flirting with the $60K-$62K demand zone, putting on a tiny “recovery” show that feels less like a comeback and more like a cameo role in a soap opera.
Daily Chart Drama
On the daily chart, Bitcoin still traces a tidy descending channel. Picture a set of stairs you’re desperately trying not to trip on. It lost the $79K step, swooped below $75K, and marched straight into the blue‑green demand zone around $60K, where it drew a dramatic gasp from the crowd.
The brief bounce from that zone nudged it back toward the mid‑$60Ks, but the overall mood remains punitive. The price is still under the channel’s midpoint and bleeding under both the 100‑ and 200‑day moving averages, which, spoiler alert, are also drifting lower.
As long as Bitcoin stays below the busted $75.3K support and under the $78.9K-$81.4K Fibonacci cluster, the daily bias stays bearish. The current “recovery” looks less like a plot twist and more like a legitimate second act in a long‑running tragedy.
4‑Hour Mini‑Saga
Zoom into the 4‑hour chart, and the twinge of recovery becomes easier to see. After a dramatic drop into the $60K region, Bitcoin built a small base and tried to lift itself toward $70K. Unfortunately, that lift is happening under a descending trendline that says, “Nice try, but nope.”
The $73K-$76K supply zone, once a friendly safety net, now reads like a hurdle. Until Bitcoin crosses that level and defies the sorry pattern of lower highs, the short‑term structure is still a textbook example of fragile optimism.
The recent consolidation around the high‑$60Ks feels like a temporary truce: buyers hold their ground at a higher low, sellers cling to the resistance overhead. A decisive break above the descending trendline could open the door to the mid‑$70Ks, but if momentum fizzles, the next thing you know the price will be giving the $60K demand zone a second look.
On‑Chain Whispers
On‑chain data from the Long‑Term Holder SOPR (LTH‑SOPR) shows that even the stalwart investors are feeling the tannic bite of downside pressure. The weekly average has dipped from an impressive 1.87 to a not‑so‑heroic 0.88-a slump unseen since the late 2023 bear market.
So what does that mean? In the grand theatre of markets, SOPR dropping below 1.0 doesn’t scream full‑scale collapse. It’s more like a stage cue: “Hold your applause; you might hear more ‘softening’ later.”
Looking at the monthly SOPR, which still sits at 1.09, we can see that long‑term holders are, for the most part, still making it rain. Cap it all off: the biggest sell‑off moments in the past were accompanied by monthly SOPR levels sliding toward 0.5.
In short, Bitcoin’s current shift hints at early stress among the long‑term crew but isn’t yet a fate‑affirming capitulation; it’s either a stabilizing pause or a deeper distribution if traders keep selling under pressure.
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2026-02-17 17:42