Analysis: Bitcoin Key Trendline Sits at $68,000, Acting as Price ‘Support’

BlockBeats News, February 4th, several traders pointed out that Bitcoin is approaching the 200-week moving average (EMA/SMA), a long-term key support level, at around $68,000, which could become a significant bottom area in this round of correction.

Analysis believes this is the first time BTC has retested this long-term trendline since the end of 2023. Historical data shows that after breaking below the 100-week moving average, Bitcoin often retraces to the 200-week moving average and forms a medium to long-term bottom. Some traders expect that if the price further declines, the $68,000 level will be a key watching area, and if breached, the next focus range may shift to $55,000 to $58,000.

Despite BTC's retracement of over 40% from its high, the market sentiment has not shown widespread surrender. Institutional analysts point out that the cryptocurrency market's "winter" usually lasts for about 14 months, and the current phase may be nearing its end. Meanwhile, the U.S. spot Bitcoin ETF has seen net outflows of around $3.2 billion since mid-January, accounting for only about 3% of its total AUM, indicating that long-term fund resilience remains.