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

On February 4, several traders noted that Bitcoin is approaching the 200-week moving average (EMA/SMA)—a key long-term support level—around $68,000. This level could serve as a critical bottom zone in the current correction. Analysts point out this marks the first time BTC has retested this long-term trendline since late 2023. Historical data shows Bitcoin often retraces to the 200-week moving average and forms a medium-term bottom after breaking below the 100-week moving average. Some traders expect the $68,000 level to be a key area to monitor if prices decline further; should it break, the next focus range may shift to $55,000–$58,000. Despite a more than 40% pullback from its peak, market sentiment has not shown widespread capitulation. Institutional analysts note crypto market “winters” typically last around 14 months, and the current phase may be nearing its end. Meanwhile, U.S. Bitcoin spot ETFs have recorded net outflows of roughly $3.2 billion since mid-January—accounting for just ~3% of their total assets under management (AUM)—indicating long-term capital resilience remains intact.