Bitcoin Set to Test $66,500 Historical Cycle Bottom After 2.1% Slide
Bitcoin fell 2.14% over 24 hours to trade near $66,145, extending a 16% decline in February alongside subdued trading volumes and over $250 million liquidated from long positions. Analyst Ali Martinez identified Bitcoin’s 1130-day simple moving average at $66,500 as the critical historical cycle bottom.
1. February Price Decline
Bitcoin oscillated between $65,000 and $68,000, slipping 2.14% in the latest 24-hour session and marking a 16% drop so far in February. Trading volumes remain low, suggesting weak buying interest to halt the downtrend.
2. Analyst Flags Long-term Bottom
Technical analyst Ali Martinez highlighted the 1130-day simple moving average at $66,500 as a historically reliable cycle bottom for Bitcoin, implying potential support around that level.
3. Weekly EMA Risk of Further Downside
Chartist Rekt Capital warned that a weekly close below the 200-week exponential moving average, currently at $68,300, followed by a bearish retest could trigger accelerated selling pressure.
4. Liquidations and Market Sentiment
Over $250 million was liquidated in the past day, including $179 million in bullish long positions, while fear gauges point to extreme bearish sentiment among traders.