Analysts warn of a prolonged downturn as Bitcoin struggles at $68,000

Crypto market analysts have become increasingly bearish, with technical signals favoring a further downtrend before any meaningful recovery.

More and more bear market peak signals are appearing on Bitcoin charts, leading analysts to believe that the pain is not over yet, but we may be approaching the bottom.

Bitcoin has now closed below the 100-week moving average for a third week and has been below this long-term trendline for 13 days. observed Coin Bureau CEO Nic Puckrin on Monday.

Historically, BTC has stayed below this level for an average of 267 days, with the shortest period being 34 days during the Covid flash crash in March 2020, he added, before predicting it could remain below this level for longer.

“Therefore, it is historically more likely that we will stay down for an extended period of time. A quick recovery is still possible, but the longer we stay down, the less likely.”

Further losses provide opportunities for accumulation

In the meantime, MN Fund is gaining a foothold in Michaël van de Poppe said the “holder’s offer of gain/loss increases,” meaning more people are not profiting from Bitcoin, and the loss grows significantly.

“This is something we have only seen during peak bear markets in 2015, 2018 and 2022,” he said, before adding that this should provide accumulation opportunities.

CryptoQuant founder Ki Young Ju was also bearish, saying: “Bitcoin is currently unpumpable.”

The selling pressure is too great for any multiplier effect, he said, before adding that treasury bills for digital assets “won’t work until it becomes pumpable again.”

You might also like:

Bitcoin is currently unpumpable.

By 2024, $10 billion in cash could create $26 billion in BTC book value. In 2025, $308 billion flowed in, but the market capitalization fell by $98 billion. The selling pressure is too great for any multiplier effect.

MSTR and DATs won’t work until it becomes pumpable again. pic.twitter.com/T8NZHio4H9

— Ki Jonge Ju (@ki_young_ju) February 9, 2026

Glasnode reported on Monday it emerged that the unrealized market loss of $70,000 is about 16% of the market capitalization.

“The current market pain reflects a similar structure to early May 2022.”

“Bitcoin volume is telling,” noted analyst ‘Sykodelic’. “With the nuke to $60,000, we achieved the fourth largest volume period since the 2022 bottom,” he says said.

However, the analyst also said that every period since when volume has registered to this extent has “marked a major turn in price direction,” questioning whether $60,000 was the low.

Bitcoin loses $70K level again

The bearish sentiment has good reason. Bitcoin fell below $70,000 twice on Monday and was trading around $69,000 in Asia on Tuesday morning.

It has assets been consolidating around this level since recovering from the crash to $60,000 on Friday. It remains 44% lower than its peak and is in bear market territory, with the path of least resistance down.