Bitcoin Drops Past $68,000, Potential Rally Targets $76,000–$85,000 Resistance

Bitcoin (BTC) appears to be showing signs of weakness in the short term as market momentum has turned bearish. Analysts emphasize the importance of holding support at $68,000 to see potential upside. However, breaking this level may lead to volatility in the short term.

At press time, Bitcoin is trading at $68,361, with a 24-hour trading volume of $49.54 billion and a market capitalization of $1.37 trillion. Over the last 24 hours, the price decreased by 2.08%, reflecting a cautious weekend trading environment.

Source: CoinMarketCap

Bitcoin Trading Signals Short-Term Trend

On February 16, 2026, crypto analyst CRYPTOWZRD shared insights on Bitcoin’s price movements, saying that although the daily candle is slightly bearish, it is likely that this is merely a correction from the gains seen on the previous day, a phenomenon that is common on weekends.

Source: X

The level at $68,000 is seen as a key level that, if held, can propel Bitcoin to higher prices, including to the level at $76,000, with a chance to extend to the level at $85,000, which is the resistance level that can close the gap on the CME, thus affecting market sentiments. If Bitcoin goes below $68,000, it is likely to trade sideways in the short term.

Intraday charts suggest that the market is trading slowly and choppily. Investors are waiting to see if the market will test the $67,100 support level. If it does, it may use this as a springboard to rally to $71,900. If it breaks through $71,900, it may provide investors with more opportunities to go long.

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Technical Indicators Signal Bearish Pressure

The weekly momentum indicators confirm the bearish bias. Bitcoin’s RSI is at 28.14, deep in oversold territory, with an average RSI of 36.47, indicating strong selling pressure with poor buying activity.

Bitcoin is trading below all MA Ribbon levels, including $91,351 (20 SMA), $99,499 (50 SMA), and $87,419 (100 SMA), but is trading above long-term support at $58,376 (200 SMA).

The MACD also supports the bearish trend as the MACD line remains at -8,689.51, the signal line at -5,907.57, and the histogram at -2,781.94. All these indicators suggest that the bearish momentum remains in control.

Market watchers are closely monitoring BTC’s ability to hold its current levels at $68,000. If a break occurs, further downward movement is possible, while a rebound could propel a fresh wave of bullish momentum towards key resistance levels.

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