Will BTC Extend Losses Below $65K After Today’s 3% Decline?

• Bitcoin (BTC) is trading around $66,551, down 3.33% on the day, with immediate support at $65,000 and resistance near $70,600.
• Price remains below key moving averages and near the lower Bollinger Band at $60,819, indicating continued downside pressure.

Bitcoin (BTC/USDT) slipped sharply today, with the top crypto trading near ~$66,500, down roughly 3.3% on the day in a fresh bout of selling pressure. The 1-day candlestick chart now shows a persistent downtrend, with lower highs and lower lows continuing into mid-February. The session recorded a high of $69,954 and a low of $65,757, showing strong intraday selling pressure. Price is now sitting just above the key $65,000 level.

Major cryptocurrencies including ETH and XRP also slid today, reflecting a risk-off environment across the sector. BTC’s correlation with broader crypto has strengthened, so weakness is not isolated to Bitcoin. 

The crypto market reacted ahead of key U.S. economic data — notably the delayed January jobs report and imminent consumer price index (CPI) release. With inflation expectations in flux, traders are reducing exposure to risk assets like BTC.

BTC Daily Chart Shows Continued Weakness Below $70K

On the daily chart, Bitcoin remains below its key moving averages. BTC’s short-term EMA/MA structure confirms acute weakness — both the 10-period EMA (~$70,627) and the longer 10-period MA (~$76,546) are sloping downward, and price remains well below both. This signals that sellers are firmly in control. Price has stayed under these levels for several sessions.

Meanwhile, the Bollinger Bands (20 SMA) show the midline near $78,166, the upper band around $95,513, and the lower band at approximately $60,819. Bitcoin is trading closer to the lower band, reflecting sustained downside pressure over recent days.

Zooming in, the momentum readings also remain negative. The RSI-based histogram is around –30, and the BBPT indicator is in negative territory near –6, indicating continued selling strength on the daily timeframe.

So, the current market structure shows a sequence of lower highs and lower lows following rejection near the $95,000 region earlier. Since losing support above $90,000, Bitcoin has steadily declined toward the mid-$60,000 range.

If the decline contours, the immediate support is seen at $65,000, followed by the lower Bollinger Band near $60,800. If BTC takes turn the immediate resistance stands at $70,600, then near $78,000.

As long as Bitcoin remains below $70,000 and under its declining moving averages, pressure toward the $65,000 level continues. A daily close below that level would shift focus toward the $60,000–$61,000 area.