Bitcoin Weekly Forecast: BTC Defends $60K Floor as Jobs Data Looms
Published: February 09, 2026
Bitcoin (BTC) experienced a significant rebound after a steep decline of 8.5% in the previous week, hitting a low of $59,800 on Friday before recovering and maintaining those gains over the weekend. As of Monday, Bitcoin is showing signs of stabilization above critical technical support levels, which raises hopes for consolidation around this price point for the week ahead.
Market Sentiment and Technical Analysis
The recent selloff in Bitcoin was closely tied to a broader derisking trend in the technology and cryptocurrency sectors, as investors shifted their capital towards safer equities. The S&P 500 Equal Weight Index reached new highs, while the Nasdaq Composite lagged, indicating a selective liquidation rather than a blanket sell-off. This divergence suggests that Bitcoin, which behaves like a high-beta asset during risk-off periods, is influenced by the performance of tech stocks. If the tech sector stabilizes, it could lead to improved sentiment for Bitcoin.
Upcoming Economic Indicators
This week, the U.S. Nonfarm Payrolls report is a critical event for Bitcoin's price trajectory. A significantly weaker jobs report could heighten fears of an economic downturn, prompting investors to avoid riskier assets like Bitcoin. Conversely, if the report indicates a mild slowdown without alarming figures, it may bolster expectations for lower interest rates later in the year, potentially supporting Bitcoin's price.
Technical Patterns and Price Levels
On the technical front, Bitcoin's recent rebound is forming a rising wedge pattern on the four-hour chart, which often indicates weakening momentum. The price is currently making higher lows but is approaching resistance near the 50-period exponential moving average (EMA) at approximately $73,200. A breakdown below the wedge support could lead to further downside, targeting the $64,000–$65,000 range.
From a weekly perspective, Bitcoin is at a crucial inflection point, trading just above its 200-week EMA, a historically significant level that has acted as a bounce zone during downtrends. Past cycles show that Bitcoin often briefly dips below this moving average before reclaiming it, marking the start of new uptrends. However, if Bitcoin fails to hold above this level, it could face substantial downside risks, delaying any potential recovery.
Conclusion
In summary, Bitcoin's near-term outlook is heavily influenced by both market sentiment in the tech sector and upcoming economic data. Traders should remain cautious, monitoring key technical levels and economic indicators that could dictate Bitcoin's price movements in the coming days.