Bitcoin (CRYPTO: BTC) slipped to fresh lows not seen since late 2024 after a wavering relief bounce failed to sustain momentum, with the asset testing new pressure near the $72,000 area as US traders returned to the desk. Data feeds from TradingView highlighted weakness in the US session, with dips briefly pushing BTC beneath $73,000 and lighting up the $72,000 mark on major venues such as Bitstamp. The move underscored a broader risk-off tone in macro markets, where gold struggled to reclaim lofty levels and equities drifted lower at the open. Traders and analysts alike flagged a potential safety net around the 200-week exponential moving average (EMA) near $68,000, a level that has historically been watched as a long-term anchor during drawdowns.

Key takeaways

• Bitcoin breached the previous Tuesday low, slipping to a sub-$73,000 print as Wall Street opened and sellers resurfaced.
• The broader macro backdrop cooled, with precious metals giving back gains and equity indices under pressure in the early session.
• Analysts emphasized the importance of the 200-week EMA around $68,000 as a potential long-term support line, should selling intensify.
• Market participants warned that ongoing volatility could push BTC toward psychological and technical levels that have historically invited capitulation bids or further setbacks.
• Uncertainty surrounding U.S. fiscal policy—specifically government funding deadlines—kept headlines active and contributed to headline risk over the near term.

Tickers mentioned: $BTC

Sentiment: Bearish

Price impact: Negative. The slide into sub-$73,000 territory and the failure of a relief rally reinforce a cautious to bearish stance among traders.

Trading idea (Not Financial Advice): Hold. The market is weighing potential further downside against possible stabilizations near key moving averages, warranting patience before committing to new longs.

Market context: The move comes as a broader risk-off environment takes hold, with macro assets showing renewed sensitivity to headlines and policy signals. Traders will be watching for continued liquidity shifts, near-term fiscal risk headers, and how these factors affect risk assets across crypto and traditional markets.

Why it matters

The latest price action illustrates how Bitcoin continues to trade in a high-volatility regime where macro headlines and on-chain signals interact in real time. The retreat below $73,000, following a brief relief rally above $76,000, signals that buyers are not yet reclaiming the recent highs with sustained force. Technical observers point to the 200-week EMA near $68,000 as a possible anchor if selling accelerates, given its historical role as a gravity point during prolonged pullbacks. The market’s attention on long liquidations—signaling aggressive positioning by leveraged traders—also underscores the fragility of near-term upside scenarios as risk appetite remains fragile.

Beyond price levels, the narrative is shaped by the broader macro context. Gold’s inability to recapture higher ground and the mixed performance of U.S. equities in early trading echo a risk-off mood that often spills into crypto markets. The scene is further complicated by a shifting policy backdrop in Washington. While a fresh government shutdown was avoided in the near term, the funding deadline extended only through mid-February keeps policymakers in the spotlight and potentially adds a layer of headline risk for financial assets, including BTC. In such moments, traders often search for wall-based support from familiar levels or moving averages, while hedging strategies come into play as a counterbalance to drawdown risk.

Industry commentary has reflected the ongoing difficulty of sustaining relief rallies in a market dominated by uncertain macro cues. Notably, market participants have flagged that recent price behavior resembles “bear market price action” rather than a durable bottoming process. The sense of urgency around downside risk was palpable across trading desks, with some analysts forecasting the next target in a scenario of continued weakness around the $50,000 to $60,000 region if macro conditions deteriorate further. The debate underscores how crypto markets are increasingly responsive to cross-asset dynamics, including shifts in precious metals, equities, and macro policy signals that set the tone for liquidity and risk tolerance across the sector.

What to watch next

• Watch BTC’s weekly close relative to the key levels around $74,000 and $68,000 (the latter aligning with the 200-week EMA) to gauge whether downside pressure accelerates or subsides.
• Observe liquidity and leverage indicators, including any uptick in long liquidations near the $72,000–$73,000 area, which could signal renewed selling pressure.
• Monitor macro headlines, especially any updates on U.S. fiscal policy deadlines (Homeland Security funding extended through February 13) that could reframe risk sentiment in both crypto and traditional markets.
• Track relief-bounce dynamics: a sustained move back above the $76,000–$77,000 zone would be a meaningful sign of a shifting intraday risk appetite, while failure to do so could reinforce the bear case.
• Pay attention to data from on-chain analytics and market commentators who tie volume patterns to potential trend reversals; sustained high-volume declines typically indicate persistent selling pressure.

Sources & verification

• BTC price action and levels referenced via analyses that cite TradingView price feeds and Bitstamp data.
• Historical reference to the 200-week EMA near $68,000 as a potential long-term anchor.
• Market comments from QCP Capital’s Asia Color update on volatility and headline risk.
• Market commentary from traders on social channels and related coverage discussing bear-market price action and resistance levels.
• Liquidation metrics from CoinGlass indicating ongoing long liquidations and total crypto liquidations.

Bitcoin price action and macro backdrop

Bitcoin (CRYPTO: BTC) faced renewed selling pressure after briefly testing higher ground, with the asset sliding back toward the lower end of the recent trading band as the U.S. market reopened. The intraday trajectory pointed to a deeper tilt toward risk-off dynamics that have characterized much of the recent price action in crypto, equities, and precious metals. A key focus for traders has been whether BTC can sustain any bounce above the $76,000 level or if sellers reassert themselves and push the price toward the next major magnetic price point around $68,000—the approximate footprint of the 200-week EMA that market technicians often monitor for long-term support.

TradingView data showed the weakness extended into a sub-$72,500 print on main venues, reinforcing the idea that relief rallies have struggled to gain traction in the current environment. The pattern aligns with a broader narrative in which macro assets give back gains after brief recoveries, as evidenced by gold failing to reclaim a higher plateau and U.S. stocks trading lower at the open. Within this framework, traders have looked to various anchors—technical, on-chain, and sentiment-based—to price the probability of further downside versus a potential stabilization or rebound.

Several observers have emphasized the persistence of bear-market price action, citing high-volume moves down as a signal that selling pressure remains dominant when price moves lower. A popular chart-focused view suggests that if BTC closes under the $74,000 threshold, the next meaningful objective could shift toward the $50,000–$60,000 area, a scenario that several analysts deem plausible given the current macro setup. In the meantime, market participants cited a potential safety net around $68,000, anchored by the 200-week EMA, a level that has historically attracted buyers during extended retreats. The market’s mood remains cautious, with risk tolerance tightly tethered to evolving macro headlines and policy signals.

“Ugly interim weekly candle for bulls. IF we close sub 74k – its safe to say 50k area is next,” trader Roman wrote in his latest analysis on X.

Beyond the price action, the market remains sensitive to policy developments and funding timelines, with headlines about government funding continuing to influence risk appetite. In a related note, the broader crypto ecosystem continues to digest liquidity dynamics, with long-liquidation pressure mounting whenever price breached key support zones. The combined effect is a landscape where investors weigh the probability of a sharp drawdown against the possibility of a sustained base-building phase that could set the stage for a longer-term recovery should macro conditions cool and liquidity improve.