Analysts Warn of Extended Collapse as Bitcoin Struggles at $68K

Crypto market analysts have been bullish, with technical signals favoring another decline before any meaningful recovery.

The signs of a bear market are becoming more and more bright at the top of the Bitcoin charts, leading analysts to believe that the pain is not over, but we may be nearing the bottom.

Bitcoin has now closed for a third week below its 100-week moving average and has been below this long-term trend line for 13 days, noted Coin Bureau CEO Nic Puckrin on Monday.

Historically, BTC has stayed below this average for 267 days, the shortest period at 34 days during the Covid flash crash in March 2020, he added, before predicting that it could stay below this for longer.

“So, historically, we are more likely to stay below for a long time. A quick pullback is still possible, but the longer we stay below, the less likely we are to go below.”

Some Losses Create Accumulation Opportunities

Meanwhile, MN Fund founder Michaël van de Poppe said that “the owner’s distribution of profit/loss is increasing,” which means that many people are not profiting from Bitcoin, and losses are increasing.

“This is something we only saw during the peak bear markets of 2015, 2018, and 2022,” he said, before adding that it should provide opportunities for accumulation.

CryptoQuant founder Ki Young Ju was also bearish, saying, “Bitcoin is not available yet.”

The selling pressure is too heavy for any multiplier effect, he said before adding that digital asset wealth “will not work until it pulls up again.”

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Bitcoin is not currently available.

By 2024, $10B in cash would create $26B in BTC book value. By 2025, $308B came in, yet the market value dropped by $98B. The pressure to sell is too heavy for any multiplier effect.

MSTR and DATs will not work until they are pumped again. pic.twitter.com/T8NZHio4H9

— Ki Young Ju (@ki_young_ju) February 9, 2026

Glasnode reported on Monday that the unreachable market loss of $ 70,000 is about 16% of the market share.

“The current market pain is consistent with the same structure seen in early May 2022.”

“Bitcoin volume is telling,” commented analyst ‘Sykodelic’. “In the nuke to $60k we reached the fourth largest volume period from the bottom in 2022,” he said.

However, the analyst also said that each period since then recorded volume of this level “marked an important pivot in price direction,” questioning whether $60,000 was low.

Bitcoin Loses The $70K Level Again

The bearish sentiment has a good reason. Bitcoin dropped below $70,000 twice on Monday and was trading around $69,000 on Tuesday morning in Asia.

The property has it it included at this level since recovering from its crash to $60,000 on Friday. It stays 44% lower from the top and middle a bear market, with a path of least resistance going down.