On February 4, several traders pointed out that Bitcoin is approaching the 200-week moving average (EMA/SMA), a key long-term support level, around $68,000, which may become an important bottoming area in this round of correction.
Analysts believe this is the first time BTC has retested this long-term trendline since the end of 2023. Historical data shows that after Bitcoin breaks below the 100-week moving average, it often retraces to the 200-week moving average and forms a medium- to long-term bottom. Some traders expect that if the price falls further, the $68,000 level will be a key observation area; if this level is breached, the next focus range could shift to $55,000–$58,000.
Despite Bitcoin's pullback of over 40% from its peak, market sentiment hasn't completely collapsed. Analysts point out that a crypto market "winter" typically lasts about 14 months, and the current phase may be nearing its end. Meanwhile, US spot Bitcoin ETFs have seen net outflows of approximately $3.2 billion since mid-January, representing only about 3% of their total assets under management, indicating continued resilience in long-term funding.
