On February 12, as market sentiment cooled again, M4Markets indicated that Bitcoin's lack of momentum near the critical $69,000 level is becoming a significant barrier to further gains in digital assets. On Wednesday, the price touched a weekly low of $66,513, with bearish forces quickly gathering after the psychological $70,000 mark was breached. According to M4Markets, the current trend is in a crucial historical correction phase; if bulls fail to reclaim lost ground in the short term, the market's focus could shift further downward.
From a technical perspective, the $69,000 level not only echoes the 2021 all-time high but also serves as the structural center of an eight-month consolidation period in 2024. TradingView data shows that Bitcoin's single-day decline has approached 3%, reflecting buyer hesitation near key resistance. M4Markets noted that the current consolidation range has a strong "double-edged" nature: if supported by positive macroeconomic factors, the previous consolidation could transform into solid support. However, given the current lack of momentum, it is evolving into a difficult technical barrier to overcome.
Additionally, data from CoinGlass reveals that a -14.4% decline since February 2026 has made this month one of the weakest February performances since 2014. M4Markets believes this counter-seasonal movement—historically, February tends to be positive—suggests fragility in the market's internal structure. The high success rate of short-selling strategies on Mondays over the past four months further confirms persistent selling pressure.
In summary, M4Markets concludes that without sustained volume support, Bitcoin is unlikely to convincingly break above the $69,000 resistance in the short term. If the price fails to stabilize and resume an upward trajectory, traders should be cautious about the risk of the market seeking support at $50,000 or even lower levels. M4Markets will continue to monitor developments at this key juncture for global investors, seeking more robust risk management strategies amid volatile conditions.