This week, the cryptocurrency market experienced a dramatic "stormy" decline, with a wave of market liquidations. Regarding Bitcoin, after trading sideways between $75,000 and $80,000 at the end of January, it entered a downtrend in February. February 5th marked a turning point, as the price broke below the $70,000 support level and accelerated downward, briefly plummeting to $60,062 on February 6th, hitting a 16-month low and retreating over 48% from the all-time high in October of last year. The intense volatility triggered massive liquidations; from February 5th to 6th alone, Bitcoin longs were liquidated for as much as $1.096 billion. Ethereum also came under pressure, with a weekly decline of up to 28%, falling to around $1,918 on February 6th. Its perpetual contract funding rate turned unusually negative, indicating extreme market pessimism and a strong bearish bias.

The current technical pattern remains predominantly bearish. Bitcoin has effectively broken below the key trendline used to distinguish between "short-term rebounds" and "structural declines," with previous support zones turning into strong resistance. The price continues to trade below key moving averages such as the 21-week MA, indicating that the trend has not yet reversed; any upward movement should be viewed as a corrective rebound rather than a trend reversal. Ethereum also shows a clear bearish alignment, with prices well below the 20-day, 50-day, and 200-day moving averages. Although the daily RSI has entered the extremely oversold zone at 23.62, suggesting a potential technical rebound, the overall downtrend remains intact. The current market rebound is fragile and lacks additional capital support, merely representing a technical retracement within a declining trend. The strong resistance above Bitcoin is near $73,000, which was previously a support zone now turned into resistance. A rebound to this area presents an ideal short entry point. Key support levels are at the $60,000 round number and around the previous low of $60,062; losing these could open the door to further downside. For Ethereum, the primary resistance is at the psychological $2,000 level, with a stronger resistance at the 20-day MA at $2,688. Key support below is in the $1,820–$1,856 range; if broken, prices could further decline to $1,700–$1,750. Traders should remain cautious, patiently waiting for a rebound to the above resistance zones and signs of resistance before establishing short positions. #当前行情抄底还是观望？ $BTC