PANews reported on February 12th that, according to Cointelegraph analysis, Bitcoin's price has repeatedly encountered resistance in the $70,000 to $72,000 range, forming a series of lower highs. It has now broken below the intraday trendline, indicating short-term bearish control. The liquidation heatmap shows a liquidity gap in the $66,000 to $60,500 range, which could act as a magnet, attracting prices to quickly cross and trigger stop-loss levels below. Currently, there are still over $350 million in leveraged long positions around $60,500. If a rapid rebound above $68,000 fails to materialize, the risk of Bitcoin testing the yearly low of $59,800 increases.
Trader Husky stated that Bitcoin's price has fallen below the $59,800 volume-weighted average price, indicating a weakening short-term market structure. Analyst EliZ pointed out that Bitcoin is currently consolidating within a descending channel around $66,500, and a break below this level could lead to a test of the $63,400 to $64,600 support zone.
