February Bitcoin Market Outlook

The price has been continuously declining from the previous high, currently breaking below the middle band of the Bollinger Bands and approaching the lower band, indicating a clear medium-term downtrend.

The current 4-hour chart shows a distinct medium-term downtrend. When the price rebounds and touches the middle Bollinger Band, it leaves a clear upper shadow indicating resistance, followed by continued weakening. This phenomenon clearly indicates that the market is still dominated by bears, and the short-term slight rebound is merely a technical correction within the downtrend, not a trend reversal signal.

Bitcoin Trading Suggestions: Consider buying around 71,800-72,500, with a target of 70,500-68,500. If the support is broken, continue to look lower.