Current Market Situation
As of February 10, 2026, Bitcoin has experienced a significant drop, currently trading at $69,000. This decline mirrors a previous selloff that occurred in late October, where Bitcoin's price fell from approximately $112,000 to around $80,000. The recent downturn has seen Bitcoin decrease from about $97,000 to $60,000.
Technical Analysis
Analysts are considering a potential 1:1 correction scenario based on the previous price movements. If this pattern holds, the $72,000–$73,000 range could act as a critical resistance zone. This level corresponds to a prior rebound where Bitcoin rose roughly 20% from $80,000 in November to $97,000 in early 2026.
Should the market follow a similar timeline as before, the next significant price movement may not occur until April. If the downward trend continues with the same magnitude as the previous decline, Bitcoin could potentially drop to around $49,000, measured from the anticipated resistance level of $72,000.
Market Sentiment
The Relative Strength Index (RSI) has shown signs of recovery, bouncing back from extremely oversold levels near 18 to just below 32. However, to shift the current bearish momentum, Bitcoin would need to reclaim levels above $80,000. The presence of heavy supply around the $72,000–$73,000 range indicates that market participants remain cautious and unsettled.
Conclusion
The current analysis suggests that Bitcoin is at a critical juncture, with potential resistance levels identified and market sentiment remaining cautious. Traders should monitor the upcoming price movements closely, particularly as the market approaches the $72,000–$73,000 resistance zone.