Crypto: Bitcoin Price Drops 3% As Analyst Warns Bulls Lack ‘momentum’ To...
Bitcoin analysis warned the $69,000 mark may end up as long-term resistance again, thanks to its significance in BTC price history.
Bitcoin (BTC) hit new week-to-date lows on Wednesday as $66,500 came into focus.
Bitcoin is trading in a key historical zone, but buyer pressure is too weak to break resistance.
Analysis sees current range resistance potentially lingering months as a result.
February BTC price downside has almost beaten 2025.
Data from TradingView put daily BTC price losses at nearly 3% after the $70,000 area again provided weak support.
Still facing bottom predictions of $50,000 or lower, BTC/USD offered traders little reason to flip bullish.
Keith Alan, co-founder of trading resource Material Indicators, noted the importance of the current narrow trading range.
“$BTC continues to show signs of weakness around $69k, however if you look back to 2024 you will notice that price spent an extraordinary amount of time consolidating in this range,” he wrote in one of his latest posts on X.
The significance of $69,000 means that it could act as a double-edged sword in future.
Source: CoinTelegraph
