The cryptocurrency market continues to face heavy selling pressure as Bitcoin briefly rebounded at $65,426, only to lose momentum again. Recent attempts at recovery have failed to gain traction, with market sentiment dampened by escalating tensions between the United States and Iran. Andri Fauzan Adziima, head of research at Bitrue Research Institute, notes the downturn is not driven by geopolitics alone.
Key support zone for Bitcoin at $60,000
Adziima points to forces like liquidations of leveraged positions, outflows from spot Bitcoin ETFs, and technical breakdowns as the main contributors to the recent slide, though headlines from Iran have further fueled fear in the markets. Bitrue Research Institute is widely recognized for its in-depth analysis of the crypto space.
Andri Fauzan Adziima emphasizes that liquidations, ETF outflows, and technical factors, rather than geopolitical headlines, are the primary reasons behind the decline, with Iran news amplifying market fear.
With attention now zeroing in on the $60,000 lower boundary Bitcoin last visited this year, veteran trader Peter Brandt observes a broadening triangle pattern forming on the Bitcoin chart, a setup commonly seen in technical analysis. According to Brandt, the price could potentially retreat as far as $56,000, although a sustained move above $75,000 would invalidate the negative outlook.
Despite the weakening short-term picture, buyers are expected to step in between $65,000 and $60,000. However, even in the event of a relief rally, ongoing selling is likely to persist. A more decisive signal of a market bottom, analysts suggest, would require Bitcoin to surpass the $77,000 level.
| Asset | Key support | Upside threshold |
|---|---|---|
| Bitcoin | $65,000, $62,500 and $60,000 | $75,000 and $77,000 |
| Ether | $1,750 | $2,056 and $2,218 |
| BNB | $628 and $570 | $745 |
Weakness persists among major altcoins
The breakdown of Bitcoin’s support has led to substantial liquidations among leveraged long positions. If the $65,000 level fails to hold, the focus could shift to the $62,500 to $60,000 range. Any close below this zone could bring the $50,000 risk back into play.
Ether recently fell below the $1,916 to $2,465 channel, nearing strong support at $1,750. Although the RSI indicates oversold conditions that could spark a brief bounce, any upward movement is expected to be met with renewed selling. If $1,750 does not hold, $1,550 becomes the next potential target. BNB slipped beneath $687 and dropped to its 50-day moving average near $645; a decline below $628 could see it testing $570.
XRP broke below support at $1.27, with the next major level at the intraday low of $1.11 set on February 6. Solana closed under $76, making $67 a critical support level. Dogecoin retreated toward the lower edge of its $0.09 to $0.12 band, and if $0.09 gives way, $0.08 may come into focus.
HYPE, ZEC and XLM show relative strength
Despite the broader market’s weakness, Hyperliquid, Zcash (ZEC), and Stellar (XLM) managed to display greater resilience. Hyperliquid, a decentralized derivatives platform, has recently drawn attention with surging trading volumes.
Mini glossary: A broadening triangle is a technical pattern marked by increasing price swings and heightened volatility until a clear price direction emerges. Fibonacci retracement levels help identify likely support and resistance areas following strong market moves.
Peter Brandt points out that the broadening triangle pattern in Bitcoin price could take it down to $56,000, but a move above $75,000 would invalidate this scenario.
While some investors are taking profits in HYPE near the $75 mark, limited pullbacks suggest that declines are viewed as buying opportunities. A surge above $75 could bring the $85–89 area into play, with $64 and $59.41 acting as key supports on the downside.
ZEC is trading above its 20-day exponential moving average, signaling that buying interest is returning at lower levels. Breaking above $690 could reinforce the current uptrend, targeting $750 and $856. XLM saw a sharp rally from $0.14 to $0.30 between May 23 and May 30 before undergoing a correction; holding the $0.22 Fibonacci midpoint could set the stage for retests of $0.27 and $0.30, though falling below $0.20 would heighten short-term top risk.
