Bitcoin Plunges Under $69K: Brokers in Panic, Banks Laughing?

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When the weekly close fell below the venerable threshold of $69,000, one could presume that the next descent in the Bitcoin market would begin in earnest, or that foolish investors were simply eliminating themselves in a most theatrical purge. Whether a recovery might arise from this position, or whether this marks the final death knell, remains a matter of speculation.

Sentiment at all‑time low

The Crypto Fear & Greed Index at Alternative.me reports that the market presently dwells in Extreme Fear, a reading of 5. Only once before in the index’s history has sentiment dipped so low, and that occurred at the close of August 2019, when $BTC was making a reluctant return to a bear‑market double bottom.

Lower highs and lows

Does the short‑term chart corroborate this historic low in sentiment? The price failed to reclaim the major horizontal support, instead crafting a lower high. From there, a further decline yielded a lower low. If such figures indicate weakening ahead of a larger correction, then the dour mood seems well‑justified.

Alternatively, as the two modest descending channels illustrate in the chart above, this might simply be a period of absorption following the rapid slide that saw the price fall from the summit to roughly half its value in under five months.

Bearish descending triangle emerges

When one shifts to the daily frame, another pattern appears – a descending triangle. It is not a bullish motif, yet the future direction remains uncertain. Historically most prices exit through the base of such a triangle, so a fall below the bottom would be prudent for the bulls to heed.

The triangle’s base aligns closely with the horizontal support at $65,500. Should the pattern play out to the downside, the measured move would descend to $58,300, yielding yet another low and perhaps another try at a double bottom.

Lower end of current range is $53,000

The two‑week chart shows plainly the obstacle the bulls face. A candle body opened below the $69,000 level, and the weekly close mirrored that, thereby branding $69,000 a resistance. Nonetheless, the two‑week frame still permits a bullish close above that level, giving Bitcoin a chance this week.

Supposing the scenario of a bear‑market continuation or a bottoming process holds, the entire eight‑month bull flag constitutes the range within which the price is descending. Entering the flag past $69,000, its nadir is drawn at $53,000 – the very extent of the measured move out of the bear flag.

Bitcoin may well spend a few more weeks oscillating between the support and resistance lines forged by that elongated bull flag, together with the double tops of the 2021 market. Conversely, gold and silver seem poised for a resurgence. Will Bitcoin merely sit idle as the metals skyrocket? That prospect appears rather unlikely.

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2026-02-23 13:47