Bitcoin Struggles to Stay Above $69K as Traders Predict New Lows
By John Nada·Feb 7, 2026·2 min read
Bitcoin struggles to maintain its price above $69,000, with traders predicting further declines and highlighting resistance at this level.
Bitcoin (BTC) couldn't maintain its position above $69,000 as the weekend commenced, raising concerns about potential macro lows ahead. Traders are predicting further declines, highlighting a lack of acceptance at this price level. Analysis suggests that the recent rebound was merely a 'relief rally' rather than a sign of a sustained recovery.
Data from TradingView indicated that BTC's price dropped more than $4,000 since the daily open. Keith Alan, cofounder of Material Indicators, cautioned followers about the ongoing market conditions, stating that the bottom for Bitcoin is not yet in. He described the 2021 highs of $69,000 as significant resistance, adding that the likelihood of further declines remains high before any real bull market returns.
Rekt Capital, a trader and analyst, echoed these sentiments, noting historical patterns that suggest Bitcoin often undergoes a multi-month relief rally followed by bearish acceleration after peaking in its bull market. This pattern has repeated over the last four cycles, indicating that traders should brace for more downside ahead. The recent drop has also created a new potential gap in CME Group's Bitcoin futures market, with traders eyeing an $84,000 target.
Despite the current retracement, traders like Michaël van de Poppe are optimistic about a bounce back toward the CME gap. Meanwhile, Samson Mow from JAN3 emphasized the importance of corporate buyers potentially adding Bitcoin to their treasuries at current lows. He believes the market will not remain at these levels for long, hinting at an impending shift.
This situation underlines the volatility and unpredictability of the cryptocurrency market. Traders and investors alike must remain vigilant as the dynamics continue to shift, with both opportunities and risks lying ahead. The lingering resistance at $69,000 could serve as a critical turning point for Bitcoin's trajectory in the coming weeks.