Bitcoin Price Volatility and Persistent Bearish Pressure: Market Analysis – 2026-02-06

Market Analysis

Signs of slight improvement are emerging in the cryptocurrency market today, yet overall conditions remain uncertain and under pressure. The complexities of the global economy continue to heavily influence market sentiment, prompting investors to adopt a cautious stance.

Over the past five days, Bitcoin’s price has experienced significant fluctuations, deepening the market’s uncertainty. Between February 1st and 5th, the price saw sharp declines interrupted by occasional minor upward movements, creating a complex technical landscape. Key indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) reveal that the market is currently in a heavily oversold zone, suggesting intense short-term selling pressure. The RSI dropping to as low as 8.95 and the MFI falling to 25.35 highlight prevailing bearish sentiment, though there remains some potential for a relief rebound.

Looking at the Bollinger Bands, Bitcoin’s recent touch of the lower band could signal a possible reversal. However, the band width has not narrowed significantly, indicating that volatility remains high. The moving averages reinforce this outlook: the 7-, 14-, and 21-day Hull Moving Averages (HMA) continue trending downward, with prices closing below these levels, confirming a strong bearish trend.

In terms of support and resistance, Bitcoin recently found support near the S1 range of approximately 60,865 to 60,460, close to the psychologically important 60,000 mark. A breakdown below this support could lead to further declines, with subsequent support levels around 60,428 to 59,828 and then between 57,541 and 56,018, potentially adding to downward pressure. On the resistance side, the range between 64,220 and 65,133 stands out as a significant hurdle, and surpassing this level does not seem likely in the short term. Negative global news and unfavorable financing rates have also amplified investor fears, reflected in the Fear & Greed Index plunging to an extreme level of 12. This suggests that while short-term pressure may persist, some stabilization could be expected over the medium term.

Overall, Bitcoin’s current technical and fundamental indicators point to a market still under considerable strain, warranting caution from investors. Although a short-term relief rally is possible, ongoing global economic uncertainties and technical signals suggest the market remains in a neutral to bearish phase. Investors would be well advised to closely monitor key support and resistance levels and adjust their positions accordingly.

Data Summary

• 1. Time:
  2026-02-06 – 00:00 UTC
• 2. Prices:
  Open: 73165.84000000
  High: 73341.18000000
  Low: 62345.00000000
  Close: 62909.86000000
• 8. Supports:
  S1: 60864.99000000 – 60459.90000000
  S2: 60427.84000000 – 59828.11000000
  S3: 57541.06000000 – 56018.00000000
  S4: 54018.8 – 49000
• 9. Resistances:
  R1: 64220.00000000 – 65133.30000000
  R2: 65354.02000000 – 65839.00000000
  R3: 67620.01000000 – 68693.26000000
  R4: 71446.6 – 71758
• 10. Psychological Support:
  60000.00000000
• 11. Psychological Resistance:
  70000.00000000
• 3. Last 5 days’ closing prices:
  2026-02-01: 76968.21000000
  2026-02-02: 78738.61000000
  2026-02-03: 75770.21000000
  2026-02-04: 73165.83000000
  2026-02-05: 62909.86000000
• 4. Volume:
  BTC: 106298.8290
  USD: $7198745594.2807
• 5. Number of trades:
  15364010
• 6. Indicators:
  RSI: 8.9500
  MFI: 25.3500
  BB Upper: 101335.99000000
  BB Lower: 69334.71000000
• 7. Moving Averages:
  SMA:
  7=75793.47000000
  14=81971.25000000
  21=85335.35000000
  30=87531.10000000
  50=88055.55000000
  100=91486.27000000
  200=103044.07000000

  EMA:

  7=74672.62000000
  14=79753.80000000
  21=82504.61000000
  30=84556.20000000
  50=87223.79000000
  100=92014.95000000
  200=96588.60000000

  HMA:

  7=66873.71000000
  14=70890.25000000
  21=73633.51000000
  30=77080.47000000
  50=83114.30000000
  100=87389.68000000
  200=82506.20000000
• 12. Funding Rate:
  -0.005% (Technically Positive)
• 13. Open Interest:
  93814.8060
• 14. Fear & Greed Index:
  12 (Extreme Fear)

Disclaimer: This market analysis is generated by AI based on historical BTC data and sentiment indicators. Use it as a reference, not financial advice.