If February is usually expected to be a growth month historically, then February 2026 is starting like a nightmare for the Bulls.

$BTC is going through a series of consecutive days of decline with a large amplitude, pushing the price close to the psychological death threshold.

๐Ÿ”ท Looking at the Daily Returns table, the bleak picture is clearly emerging:

A series of 3 days of ulceration: After a weak recovery effort on 02/02, BTC has been ruthlessly sold off for 3 consecutive days:

  • 03/02: Decrease -3.77%.

  • 04/02: Decrease -3.4%.

  • 05/02 (Current): Reporting a decrease of -2.62%.

This is the worst start to February in many years.

In the same period of 2024, green covered most of the early days of the month, but 2026 saw absolute dominance of the Bears.

๐Ÿ”ถ Technical Analysis: Completely Broken Structure

  • BTC price just experienced a strong drop through the accumulation zone of 72k-73k to find a new bottom at $70,676. Currently, the price is trading around $71,092.

  • The price is currently very far below the moving averages. The MA7 and MA25 are sharply declining, acting as a dynamic resistance crushing all recovery efforts. The gap between the current price and the long-term trend line MA99 is extremely large, indicating that the downtrend is very sustainable.

  • Long red candles accompanied by a spike in Volume. This proves that this is a Panic Sell and not a typical technical correction.

๐Ÿ”ท Level $70,000: The Last Line of Defense?

  • With the current downward momentum, Bitcoin is teetering on the brink of breaking the round number $70,000.

  • If this level is broken with high volume, market sentiment will completely collapse, potentially triggering a liquidation wave pushing the price down to the $6x.000 region.

  • The current buying side is completely absent, as shown by the very short lower wicks of the candles, indicating that the bottom-fishing force is negligible.

BTC is performing extremely poorly. Investors need to exercise great caution; catching a falling knife at this price level carries extremely high risks as the downtrend structure shows no signs of slowing down.

This article is for reference only and is not investment advice. Please read and consider carefully before making a decision.