February 6 Market Outlook for Bitcoin

The short-term bearish outlook for Bitcoin remains unchanged. The recent sharp decline was triggered by a combination of factors including hawkish signals from the Federal Reserve, a pullback in the US stock market, and profit-taking by market participants, leading to a deep correction. The price directly broke through the key support level of 64,000, with a low of 59,874. From a technical perspective, the MA7 and MA30 moving averages have formed a death cross and continue to trend downward. The price remains under the moving averages, and the intraday rebound from the lows is only a weak correction after the sharp decline. The candlestick pattern shows long bearish candles with short bullish candles, indicating that the bearish momentum has not yet been fully released.

Operationally, it is recommended to focus on short positions, while remaining cautious of continued market panic sentiment that could push the price below previous lows and further expand the downward space.

Bitcoin Trading Suggestion: Short around 64,800-65,600, with a target near 63,000-60,000. If the price breaks through, continue to look lower.