While the selling pressure in the cryptocurrency market continued, Bitcoin tried to react at the $ 65,426 level, but the upward attempts were not permanent for now. While market sentiment was negatively affected by the renewed tension between the USA and Iran, Bitrue Research Institute research leader Andri Fauzan Adziima stated that geopolitical developments were not the only reason for the decline.
The critical threshold for Bitcoin is the $60,000 region
Adziima said that the liquidation of leveraged positions, spot ETF outflows and technical breakdowns were more decisive in the withdrawal, while Iran-related developments increased fear. Bitrue Research Institute is known as an analysis unit that publishes research on the crypto market.
Bitrue Research Institute research leader Andri Fauzan Adziima stated that the decline was mainly due to leveraged liquidations, strong ETF outflows and technical breakdowns, while Iran news increased fear.
Attention in the market is now turned to the $ 60,000 bottom region that Bitcoin has seen this year. Experienced investor Peter Brandt stated that an expanding triangle formation has formed on the Bitcoin chart and that this is a common technical structure. According to Brandt, the price may drop to $56,000. Conversely, a move above $75,000 could invalidate this negative outlook.
Although the short-term outlook weakens, buyers are expected to step in between $65,000 and $60,000. Despite this, it seems likely that selling pressure will continue in case of possible reaction increases. It is considered that $ 77,000 must be exceeded for a stronger sign that Bitcoin has formed a bottom in the short term.
| Presence | Significant support | Upward threshold |
|---|---|---|
| Bitcoin | $65,000, $62,500 to $60,000 | $75,000 and $77,000 |
| ether | $1,750 | $2,056 and $2,218 |
| BNB | $628 and $570 | 745 dollars |
Weak situation continues in main altcoins
A break below the support line in Bitcoin indicated sharp liquidations in long positions. If $65,000 cannot be maintained, the range between $62,500 and $60,000 may come to the fore. In case of a permanent close below this region, the risk of $ 50,000 comes to the fore.
Ether broke down from the $1,916 to $2,465 range and approached the strong support at $1,750. Although the RSI indicator falling into the oversold zone makes a short-term reaction possible, it is stated that the rises may encounter sales. If $ 1,750 is broken, the $ 1,550 level may come to the fore. BNB, on the other hand, fell below $687 and then fell to the 50-day average of $645. In case of a loss of $628, there could be a new decline towards $570.
While XRP fell below the $1.27 support, the next important support stood out as the February 6 intraday low of $1.11. Solana also closed below $76 and the $67 level became a critical support. Dogecoin, on the other hand, fell to the lower limit of the 0.09 to 0.12 dollar band. If $0.09 is broken, the $0.08 scenario remains on the table.
HYPE, ZEC and XLM remain relatively strong
Despite the general weakness in the market hyperliquidZcash and Stellar showed a more resilient outlook. Hyperliquid, as an ecosystem shaped around decentralized derivative transactions, stands out with its transaction volume recently.
Mini glossary: The expanding triangle is a technical formation in which price volatility grows over time and volatility increases until direction confirmation occurs. Fibonacci retracement level is a common measurement used to determine possible support and resistance areas after a strong rise or fall.
Peter Brandt stated that the expanding triangle formation in Bitcoin may push the price to $ 56,000, but the movement above $ 75,000 will invalidate this expectation.
Although profit sales were seen near $75 on the HYPE side, the retreat remained limited, indicating that the declines were considered as a buying opportunity. If $75 is exceeded, the $85 to $89 region may come to the fore. Below, $64 and $59.41 are watched as support.
ZEC showed buying at lower levels with a close above its 20-day exponential moving average. Exceeding $690 is considered important for the continuation of the upward trend. In this case, $750 and then $856 levels can be followed. XLM, on the other hand, entered a correction after rising from $ 0.14 to $ 0.30 between May 23 and May 30. If the price holds at the 50 percent Fibonacci level around $0.22, the $0.27 and $0.30 resistances can be tested again. Conversely, below $0.20 could increase the risk of a short-term top.
