Bitcoin’s Plunge: $69,000 Crumbles – Bears Waltz, Bulls Whimper

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Ah, the fickle dance of fortune! The once-proud Bitcoin, that digital phoenix, has stumbled beneath the weight of its own ambition. A daily close below the $69,000 threshold, a line in the sand drawn by the market’s invisible hand, signals the bears’ triumphant march. Will they lead the price to the precipice of $65,000, or further still, to the abyss of $60,000? Where, oh where, shall this bearish ballet find its final pirouette?

The $BTC Waltz: A Tale of Rolling Over

Observe, dear reader, the 4-hour chart, a canvas upon which the price of $BTC paints its melancholy tale. Once again, it rolls over, like a weary traveler succumbing to the weight of his journey. A daily close below the former bastion of support – a critical juncture, indeed – may herald the next act in this financial drama. The Fibonacci levels, those mystical guides, reveal a potential resting place at $65,000, the 0.618 level, where horizontal support awaits. Below, the 0.786 level, a last gasp, aligns with the candle bottoms of the previous descent.

Might these levels offer a fleeting respite, a bounce, perhaps even a double bottom at $60,000? Yet, one cannot help but wonder if a return to $69,000, now a resistant fortress, would be but a cruel jest, a mere confirmation of the breakdown before the final plunge.

The bulls, ever hopeful, cling to the Stochastic RSI, its lines languishing at the bottom, whispering of a potential rebound. But hope, as we know, is a fickle companion in the realm of finance.

$60,000: The Elusive Bottom?

Extending the trendlines of the falling wedge, a pattern both ominous and intriguing, reveals a new reality. The upper trendline, once a beacon of hope, now acts as resistance, while the lower trendline, a fragile lifeline, may offer support. The $65,000 level, a historical battleground, once resisted the bull’s charge in 2021. Yet, if the once-mighty $69,000 fell so easily, what chance has this lesser fortress?

The bounce from $60,000, though vigorous, leaves us questioning: has the bottom truly been found? Can the bulls, with their dwindling strength, push the price above the $69,000 barrier once more? Time, that relentless arbiter, will tell.

A Glimmer of Hope in the Weekly Chart

The weekly chart, a broader canvas, offers a faint glimmer of hope. While the daily candle has decisively closed below the $69,000 support, the weekly candle still holds its breath, with days remaining to potentially close above. Higher time frames, after all, can overturn the whims of their shorter counterparts.

The Stochastic RSI and the Relative Strength Index, both languishing at their lows, hint at a possible reversal. The Stochastic RSI may yet turn, signaling a resurgence in price momentum, while the RSI, deep in oversold territory, echoes the despair of the 2022 bear market. Could this be the moment when Bitcoin, like a phoenix from the ashes, rises once more?

With Bitcoin finding potential bottoms against gold, silver, and the vaunted AI stocks, a rally from these depths would not be entirely unforeseen. A few more percentage points may yet be lost, but perhaps, just perhaps, Bitcoin’s return to glory is nearer than we think. After all, in the world of finance, hope, like despair, is a commodity in constant flux.

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2026-02-11 13:21