Bitcoin Price Dumps Hard To $60K, Triggering Market Shockwaves

Aayush Jindal

Last Updated: February 6, 2026 2:32 am

2 mins read

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Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance.

Bitcoin is attempting to recover but struggling to clear hurdles.
The price is trading below $70,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might dip again if it trades below the $62,500 and $61,200 levels.

Bitcoin Price Dips Sharply

Bitcoin price failed to remain stable above the $72,000 zone. BTC extended its decline below the $70,000 and $68,500 levels. The bears were able to push the price below $65,500.

A low was formed at $60,500, and the price is now attempting to recover. There was a minor increase above the $62,000 and $63,200 levels. The price cleared the 23.6% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.

Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $66,000 level. The first key resistance is near the $67,200 level.

A close above the $67,200 resistance might send the price further higher. In the stated case, the price could rise and test the $68,500 resistance or the 50% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.

Bitcoin Price — Source: BTCUSD on TradingView.com

Any more gains might send the price toward the $70,500 level. There is also a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $72,500 and $75,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $63,200 level. The first major support is near the $62,500 level.

The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,500 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,500, followed by $61,200.

Major Resistance Levels – $67,200 and $68,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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