BTC Downtrend Not Over? Why Bitcoin’s Next ‘Liquidity Magnet’ Could be $65K
The post BTC Downtrend Not Over? Why Bitcoin’s Next ‘Liquidity Magnet’ Could be $65K appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) traded as high as $76,900 on Wednesday, up 4.5% above its 15-month low of $72,860, reached on Tuesday. However, there are increasing signs that Bitcoin’s price could experience a deeper correction over the following weeks or months. Key takeaways: Bitcoin confirms bearish technical patterns on multiple time frames, risking a deeper correction toward $60,000. Bitcoin’s Puell Multiple could stay in the discount zone longer, indicating a continuation of the downtrend. A surge in BTC inflows to Binance could provide bears with fuel for a deeper pullback. Bitcoin’s chart technicals target sub-$60,000 The BTC/USD pair had confirmed a head-and-shoulders (H&S) pattern on its weekly chart, warning of a deeper correction ahead. The price broke below the neckline of the H&S pattern at $82,000 on Saturday, to continue the downward trend with a measured target of $52,650. Related: Next Bitcoin accumulation phase may hinge on credit stress timing: Data Such a move would bring the total losses to 31% from the current level and the drawdown from the $126,000 all-time high to 58%. BTC/USD weekly chart. Source: Cointelegraph/TradingView Crypto analyst BitcoinHabebe said that Bitcoin’s drop toward the H&S pattern’s target at $60,000 was “obvious,” due to a myriad of macroeconomic headwinds. Others, meanwhile, put forth even lower targets. The H&S setup is a “very scary picture,” said analyst 0xLanister in a Wednesday post on X, adding: “Bitcoin price will drop to $40,000.” Traders also spotted the confirmation of a bear flag pattern on the daily price chart after key support levels were lost. “Bear flag confirmed on Bitcoin,” once the last support at $78,000 failed to hold, said analyst Merlijn Trader in a recent X post, adding: “Next liquidity magnet is $65,500.” BTC/USD daily chart. Source: Merlijn Trader As Cointelegraph reported, Bitcoin could continue its downtrend to as low as…
Filed under: News - @ February 5, 2026 4:27 am