Analysts see a bearish pennant forming on Bitcoin’s chart, with $70K as the line to watch
Bitcoin dropped to $62,900 on Tuesday, extending a slow grind lower that has lasted most of February. It is down 2.1% on the day and 7.5% on the week.
The price has been stuck between $60,000 and $70,000 since a market flush on February 5. Analysts say the range is starting to look less like a recovery base and more like a waiting zone.
Altcoins are taking harder hits than bitcoin. Ethereum fell to $1,829, down 8% on the week. XRP dropped 10.8%, Solana fell 11.3%, and Dogecoin was down nearly 10%.
On-chain data firm CryptoQuant reported that altcoin sell-side pressure has reached five-year highs. Holders are selling into a market where buyers are mostly absent outside of the largest coins.
This kind of selling does not create the sharp price drops that attract dip buyers. It creates a slow bleed that is harder for traders to trade around.
FxPro chief market analyst Alex Kuptsikevich said bitcoin’s recent price action looks like consolidation, not recovery. He identified a bearish pennant forming on the daily chart.
A drop below the mid-$65,000 level would confirm further downside. A move above $70,000 would cancel the bearish setup entirely.
Bitcoin is currently 48% below its all-time high and sitting 5.5% under its 2021 peak of $69,000. The longer it stays in this range without breaking higher, the more technical pressure builds on the downside.
A report from Citrini Research flagged an “AI scare trade” this week. The note warned that artificial intelligence could disrupt companies across delivery, payments, and software sectors.
That triggered selling in tech-related stocks. When equity markets move into risk-off mode, crypto tends to follow as both draw from the same pool of capital.
The Dow Jones fell sharply on Monday, weighed down in part by a 13% single-day drop in IBM shares. The S&P 500 and Nasdaq both lost over 1%, with the S&P 500 turning negative for the year.
US stock futures recovered slightly on Tuesday morning. Dow futures rose 0.1%, S&P 500 futures climbed 0.2%, and Nasdaq 100 futures added 0.3%.
AI startup Anthropic is holding a product event Tuesday. Previous Anthropic releases have triggered sell-offs in cybersecurity and software stocks.
Consumer confidence data is due Tuesday. Earnings from Nvidia, Salesforce, and Snowflake are scheduled for Wednesday.
