{"id":6396,"date":"2026-02-06T11:16:53","date_gmt":"2026-02-06T11:16:53","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=6396"},"modified":"2026-02-06T11:16:53","modified_gmt":"2026-02-06T11:16:53","slug":"bitcoin-breaks-below-65k-as-leverage-wipes-out-billions-and-tests-long-term-support","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=6396","title":{"rendered":"Bitcoin Breaks Below $65K as Leverage Wipes Out Billions and Tests Long-Term Support"},"content":{"rendered":"

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  • Bitcoin has broken below the critical US$69,000 support level, the 2021 cycle peak, signaling potential further downside toward the US$58,000 to US$69,000 demand zone.<\/span><\/li>\n
  • The US$58,000 mark is a pivotal floor, aligning with both recent high-volume buying and the 200-week moving average, a level historically known to act as a bear market bottom.<\/span><\/li>\n
  • Technical indicators like the Weekly RSI dropping below 30 and a negative Adjusted NUPL suggest extreme market stress, conditions that often precede sharp short-term rebounds.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Bitcoin breaking below US$69K (AU$99K) is important because that level was the 2021 peak, and old cycle highs often act as support in later bear markets.\u00a0<\/p>\n

    The last cycle is the example, as Bitcoin eventually bottomed around the 2017 peak near US$19,600 (AU$28K), with a brief deeper drop to about US$16,000 (AU$23K) in November 2022.<\/p>\n

    Even so, the pattern is not clean. In past cycles, BTC has often traded below the prior peak before it finally bottoms, so a move under US$69,000 still leaves room for more downside. At the time of writing BTC traded for US$64,104 (AU$92,242) as per data from CoinMarketCap.<\/p>\n

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    BTC\/USD. Source: TradingView.<\/figcaption><\/figure>\n

    Are Traders Lining Up to Buy the Dip?<\/h2>\n

    The main \u201cdemand area\u201d being highlighted is US$58,000 (AU$83K) to US$69,000 (AU$99K). A lot of recent buying happened in that range, so it\u2019s where many holders sit at or near their cost. US$58,000 also lines up with the 200-week moving average, a long-term level many traders watch as a potential floor.\u00a0<\/p>\n

    Related: Michael Burry Warns Bitcoin Breakdown Could Trigger \u201cSickening\u201d Cascade<\/strong><\/p>\n

    Separately, order books show large buy interest between about US$68,000 and US$65,000 (AU$97K), which suggests some buyers plan to step in on dips, though those orders can move.<\/p>\n

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    On indicators, two signals point to stress that often shows up near bottoms. According to Subu Trade, a weekly RSI below 30 is rare for Bitcoin and has historically been followed by sharp short-term rebounds.\u00a0<\/p>\n

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    Bitcoin is in a bear market, and its weekly RSI is extremely oversold (below 30)<\/p>\n

    Bitcoin was this oversold only 4 times before.<\/p>\n

    In every instance, Bitcoin was higher 4 days later, with an average gain of +16%$BTC<\/a> pic.twitter.com\/HM7InewlJz<\/a><\/p>\n

    \u2014 Subu Trade (@SubuTrade) February 5, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

    Adjusted NUPL turning negative means the average holder is now underwater; similar conditions in prior cycles tended to occur near heavy selloffs before recoveries.<\/p>\n

    Read more: Meta Missed Repeated Warnings as Australian Influencer Promoted Illegal Crypto Gambling<\/strong><\/p>\n<\/p><\/div>\n