Bitcoin (CRYPTO: BTC) traded at $62,730 Tuesday, down 1.5% in 24 hours. The token’s off 50% from its October 2025 high of $126,000.
Bitcoin opened Tuesday at $63,680 and hit an intraday high of $63,940 before sliding to $62,700. It closed Monday at $63,700.
The crypto market shed $500 billion in total capitalization over the past two weeks. Bitcoin hit a 15-month low of $60,062 on February 6.
Support Levels Getting Tested
Kitco Metals said Bitcoin’s “pausing early this week” after recent volatility. The token’s consolidating between $67,300 and $71,751 on 4-hour charts.
A break below $62,000 opens the door to $54,310, per Phemex analysts. The 200-week moving average sits near $60,000-$61,000.
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Bitcoin dropped as low as $54,310 on February 5 before bouncing 12.5% the next day. But the rally fizzled fast.
Daily trading volume remains elevated. Bitcoin moved between $56,500 and $66,350 over the past week .
On-Chain Data Shows Weak Demand
Glassnode wrote Monday that “conditions remain defensive across spot, derivatives, ETFs, and on-chain indicators.” Spot volumes expanded but activity is “reactive rather than constructive”.
The Relative Strength Index rebounded from deeply oversold levels but hasn’t triggered a durable reversal. Capital flows are negative and hedging demand stays elevated.
Liquidations topped $6.67 billion over the past two weeks. More than $700 million in futures positions got wiped out in the last 24 hours alone.
Price Targets All Over the Map
Polymarket traders give 54% odds Bitcoin ends February at $75,000. That requires a 20% rally from current levels.
Stifel warned Bitcoin could drop to $38,000 if the broader downturn follows historical cycle patterns. The 78.6% Fibonacci retracement sits at $65,520.
FXStreet pegged first resistance at $72,000-$73,500. Bitcoin needs to reclaim that zone for any sustained bounce.
Geopolitical tensions and tighter monetary policy expectations drove the selloff. The token fell despite hopes President Donald Trump’s return would boost crypto.
