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Bitcoin price dips below $70K as analyst calls it unpumpable

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Bitcoin price weakens below $70k as analyst warns BTC is currently “unpumpable” - 1

Bitcoin price slipped again on Feb. 10 after failing to stay above the $70,000 level, an area that had supported the market through much of the recent consolidation.

Summary

  • Bitcoin is under pressure as capital inflows fail to translate into price expansion.
  • On-chain data shows rising whale exchange deposits and steady ETF outflows.
  • Technical structure continues to favor distribution over accumulation.

At press time, BTC was trading around $68,979, down 2% over the past 24 hours. The weakness extends across all major timeframes, with losses of 12% over the past week, 23% over the last month, and roughly 30% year-over-year.

The pullback has been sharp and persistent. Since reaching an all-time high of $126,080 in October 2025, Bitcoin (BTC) has fallen by nearly 45%. Rather than a single washout event, the decline has unfolded through steady selling.

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At the same time, market activity has increased. Spot trading volume jumped 15.2% in the last 24 hours to $52 billion, pointing to active repositioning as traders reduce exposure or rotate capital.

Derivatives markets reflect a similar tone. CoinGlass data shows Bitcoin futures volume rising 4.97% to $70 billion, while open interest slipped 1.98% to $45 billion.

The combination suggests traders are closing positions faster than new leverage is being added, a pattern often seen during periods of distribution.

Selling pressure overwhelms inflows

Concerns around Bitcoin’s ability to stage a recovery were shared by CryptoQuant CEO Ki Young Ju. In a Feb. 9 post on X, Ju said Bitcoin is currently “not pumpable,” arguing that selling pressure is absorbing capital faster than it can translate into price gains.

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Ju pointed to a sharp contrast between recent market cycles. In 2024, a $10 billion capital inflow expanded Bitcoin’s book value by $26 billion. In 2025, however, roughly $308 billion flowed into the market while total market capitalization fell by $98 billion. According to Ju, the usual multiplier effect has broken down under the weight of sustained selling.

On-chain data adds weight to that view. CryptoQuant contributor Amr Taha flagged two whale transfers of more than 5,000 BTC into Binance on Feb. 2 and Feb. 9, an uncommon event within a single week.

The first transfer aligned with Bitcoin’s slide from $77,000 to below $70,000 by Feb. 6, raising concerns that large holders may be using rallies to distribute into liquidity.

Institutional demand has also cooled. U.S. spot Bitcoin exchange-traded fund holdings peaked near 1.36 million BTC in mid-October 2025, alongside the market high. By Feb. 9, total holdings had fallen to roughly 1.27 million BTC, implying net outflows of around 90,000 BTC, or 6.6% of ETF reserves.

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Bitcoin price technical analysis

From a technical perspective, losing $70,000 has altered the market structure. After several unsuccessful attempts to regain the $71,000–$73,000 range, the level now serves as resistance.

Bitcoin price weakens below $70k as analyst warns BTC is currently “unpumpable” - 1
Bitcoin daily chart. Credit: crypto.news

The price is still below the 50-day and 20-day moving averages, which are both limiting attempts at an upward trend. Momentum is still lacking. The relative strength index is in the 32–34 range, indicating an oversold situation without a definite bullish divergence. 

After a period of compression, the price is clinging to the lower Bollinger Band as the bands begin to widen. In similar situations, failing to reclaim the mid-band often leads to further downside. Volume patterns reinforce this outlook, showing steady liquidation rather than panic selling, since sell-side spikes are not met with strong rebound activity.

A brief push toward $73,000–75,000 is feasible if Bitcoin can maintain above $68,000–69,000 and recover $71,000. A sustained close above the 50-day average near $79,000 would be needed to shift the trend.

On the downside, failure to defend $68,000 keeps pressure intact. A break below $62,800 opens the door to $60,000, with deeper liquidity waiting near $58,000.

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Crypto World

Bitcoin Breaks 5-Month Losing Streak With $68K March Close: What’s Next?

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Cryptocurrencies, Bitcoin Price, Markets, BTC Markets, Price Analysis, Market Analysis

Bitcoin (BTC) closed March in green, ending the longest monthly losing streak since 2018. Data suggests that the coming months may prove to be profitable for BTC.

Key takeaways:

  • Bitcoin ended March 2% higher, marking the first green monthly close in six months.

  • A similar streak in 2018/2019 led to an over 316% BTC price rebound over five months.

  • Bitcoin price faces stiff resistance at $70,000-$72,000, where key trend lines converge.

Past multi-month downtrends were followed by 300% price gains

Historical price data from CoinGlass confirms Bitcoin printed its first green monthly candle in six months, closing March 2% higher after five straight months of losses.

“This is a massive dose of hopium,” analyst Ash Crypto said in an X post on Wednesday.

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The analyst was referring to a possible shift in momentum, which might lead to a sustained recovery, as seen in previous cycles.

Related: Crypto Fear & Greed Index stuck on ‘extreme fear,’ but is there a silver lining?

The last time this happened was in 2018/2019 when BTC closed February 2019 in green, after six consecutive red months, as shown in the figure below.

This led to a reversal with over 300% returns the following five months, as Bitcoin recovered from the 2018 bear market.

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“Last time BTC dumped 6 months in a row, it pumped the following 5 months in a row that came after!” trader Satoshi Flipper said in a Wednesday post on X.

Cryptocurrencies, Bitcoin Price, Markets, BTC Markets, Price Analysis, Market Analysis
Bitcoin monthly percentage returns. Source: CoinGlass

If history repeats itself, the reversal may continue in April, suggesting that BTC price may have bottomed at $60,000.

Bitcoin’s bullish monthly close is a ”catalyst for fresh inflows into early April,” Trader Caleb said, adding:

“April starts with momentum.”

Bitcoin has a well-established tendency for significant price swings in April.

Since 2013, April has been a green month for eight of the past 13 years, with average returns of about 12.2%

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However, Bitcoin also tends to move in the opposite direction to March in April, and this is true for nine out of the past 13 years. 

In recent years, Bitcoin dropped in April after closing March in green, three out of four times between 2021 and 2024. 

Therefore, while the end of past multi-month drawdowns suggests a rebound is due, data demonstrates that BTC price could also slide in April.

Watch these Bitcoin price levels next

Data from TradingView shows BTC price up 2.5% on the day to trade at $68,470 as the $69,000-$70,000 resistance remains in place.

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Analysts expect Bitcoin’s range-bound price action to continue for longer, with important price levels to look for in case of a breakout. 

These include the $70,000-$72,000 supply zone, coinciding with the 50-day simple moving average (SMA), the 50-day exponential moving average (EMA) and the 1w–1m cohort cost basis

This is also where investors acquired approximately 650,000 BTC, marking a potential point of sell pressure, according to the cost-basis distribution data from Glassnode.

Breaking above this level could see BTC/USD revisit the $76,000 range high and eventually the $80,000 psychological level.

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BTC/USD daily chart. Source: Cointelegraph/TradingView

Zooming out, trader Sheldon Diedericks said Bitcoin could “push into resistance” at $83,000 on the monthly time frame, a key support level from April 2025. The 200-day EMA is also close to this area.

BTC/USD monthly chart. Source: X/Sheldon Diedericks

On the downside, the 200-week EMA at $68,300 and the 200-week SMA at $59,400 remain key levels to watch. Below that, the next major level is Bitcoin’s realized price around $54,000.

As Cointelegraph reported, Bitcoin’s bear market bottom could be formed once BTC price drops toward or below its realized price.