Is Bitcoin About to Take a Dive or Just Practicing for the Olympics?

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Ah, Bitcoin! The digital currency that behaves like a cat on a hot tin roof. After a rather dramatic tango with the $70K mark, it seems our beloved BTC has decided that perhaps flirting with new heights is just too much pressure. Yes, folks, it got rejected at that psychological barrier like a bad date, leaving us all feeling a tad cautious, as sellers swooped in like hawks on a mission.

Bitcoin Price Analysis: The Daily Chart

Picture this: Bitcoin, valiantly trying to break through the $70K threshold, only to be met with more selling pressure than an overzealous clearance sale. It plummeted back down below recent lows, reinforcing the idea that the sellers are still very much in charge, like a grumpy landlord who won’t budge on the rent.

With the price sliding back under its short-term structure, it appears the market is about as buoyant as a lead balloon. Currently, Bitcoin seems stuck in a sort of limbo between the $60K support zone and the $75K resistance area, waiting for a breakout that could either have it soaring to new heights or crashing like a poorly timed joke at a dinner party.

BTC/USDT 4-Hour Chart

Now, let’s zoom in on the 4-hour chart, where Bitcoin has been playing a game of symmetrical triangle hide-and-seek after a sharp bounce from the mysterious $60K low. Unfortunately, the game didn’t end well, as the price broke below the ascending support trendline and decided to accelerate downward, probably in a hurry to avoid more awkward moments.

This breakdown confirms a short-term bearish continuation, shifting our focus back toward the lower boundary of the broader demand area. Any rebound towards the underside of the broken triangle support-or perhaps the $74K-$76K region-will likely be seen as a corrective retest, unless the buyers can muster up some semblance of enthusiasm.

As it stands, short-term structure seems to favor sellers, and the market is on the lookout for a new equilibrium level, which is a fancy way of saying it’s trying to figure out what to do next after its failed attempt at being impressive.

Sentiment Analysis

The liquidation heatmap resembles a busy intersection, showing a dense liquidity cluster above the current price around the $69K-$70K region, which previously acted like a magnet during consolidation. This cluster has absorbed the price multiple times before the recent dip, proving that even Bitcoin has a breaking point, much like a cup of tea left out too long.

Meanwhile, slight liquidity bands have formed below the market in the $62K-$65K range, where the recent sharp move downward triggered liquidations and sent volatility soaring like a startled pigeon. The remaining liquidity beneath the current price hints that further sweeps might be in store, especially if momentum decides to take a vacation.

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2026-02-23 12:53