SKN | Bitcoin Slides 3% Toward $66,000 as Analysts Say Bulls Lack Momentum to Reclaim $69K

Key Points

• Bitcoin has fallen roughly 3% toward $66,000 as resistance near $69,000 continues to cap rallies.

• Analysts warn that weak buyer pressure could leave the current range intact for months.

• February losses are approaching 14.4%, marking one of the weakest February performances since 2014.

Bitcoin extended its pullback on Wednesday, slipping toward $66,500 and marking fresh week-to-date lows as bullish momentum continues to falter near the key $69,000 level. The decline reinforces concerns that recent rebounds lack the conviction needed to break through entrenched resistance.

The cryptocurrency was trading near $66,392 at publication, down approximately 3% on the day. The move places bitcoin firmly within a historically significant consolidation zone that has repeatedly defined trend direction over the past year.

$69,000 Emerges as Structural Resistance

According to Keith Alan, co-founder of trading resource Material Indicators, bitcoin’s inability to reclaim $69,000 signals persistent weakness in buyer pressure.

“$BTC continues to show signs of weakness around $69k,” Alan wrote on X, noting that during 2024 the market spent an extended period consolidating within this range.

The $69,000 area carries psychological and structural significance. It previously acted as a pivot zone during prior bull and consolidation phases. Alan suggested that if a strong bullish catalyst were to emerge, sustained consolidation here could ultimately reinforce support. Without that catalyst, however, resistance may persist.

The broader technical picture suggests that flipping $69,000 from resistance into support would require a material shift in liquidity and sentiment  neither of which has yet materialized.

Downside Risks Remain in Play

Despite bitcoin holding above the $60,000 region for now, some analysts continue to float deeper downside targets, including $50,000 or lower, should macro headwinds intensify.

Short-term trading patterns also reflect persistent weakness. Pseudonymous trader Killa observed that Mondays have been particularly profitable for short positions since bitcoin began breaking down from its October 2025 all-time high near $126,000.

“You could have shorted $BTC every Monday for the past 4 months and won 18 out of 19 trades,” Killa noted, underscoring how consistent downside momentum has become on specific trading days.

Such statistics point to a market still dominated by sellers on rallies rather than aggressive dip buyers.

February Performance Nears Historic Lows

Seasonality data adds further context. According to CoinGlass, bitcoin is down approximately 14.4% so far in February 2026. That decline is nearly on par with last year’s February performance and represents one of the weakest February showings since 2014.

Historically, February has been positive for bitcoin in most years since 2013, finishing in the red only three times prior. A continuation of current losses would mark a notable deviation from that pattern.

The magnitude of this month’s decline also reflects how far sentiment has shifted since late 2025, when bitcoin was testing record highs and market participants were debating six-figure targets.

Momentum Versus Structure

The current market dynamic reflects a tension between long-term structural support and short-term momentum weakness. While the $60,000–$66,000 region has so far prevented a deeper breakdown, each failed attempt to reclaim $69,000 reinforces the narrative of fading bullish energy.

Without a decisive catalyst — such as renewed institutional inflows, macro policy shifts, or a liquidity rebound — the range may persist longer than traders anticipate. Extended consolidation could either build a stronger base or exhaust remaining buyers.

For now, bitcoin remains trapped between historical support and stubborn resistance, with momentum favoring sellers and bulls still searching for the conviction needed to flip $69,000 into support.