Bitcoin price is back on shaky ground ahead of Wednesday’s nonfarm payrolls release. The 8:30 a.m. ET data drop has traders on edge, as macro catalysts often trigger sudden volatility.
More than $250 million in leveraged trades were flushed out in just one day, hammering long positions the hardest. The move below short-term support blindsided bulls and reinforced how quickly this market can unravel.
Summary
- Bitcoin is trading near $66,700, slipping below $67,000, and triggering over $250 million in leveraged liquidations, mostly affecting long positions.
- Short-term momentum is bearish, with the $69,000–$71,000 range acting as key resistance and $72,000 needing a decisive breakout to shift momentum.
- Failure to reclaim $69,000–$71,000 could push Bitcoin toward $64,000, with $60,000 as a critical psychological support where panic selling may intensify.
Current market scenario: Technical weakness builds
As of February 11, Bitcoin (BTC) is trading near $66,700 after breaking below $67,000 and triggering another flush of liquidations.
Traders see this as a break on the daily chart. The two-week support that had absorbed recent dips is gone, and momentum in the short term is clearly bearish.
Spikes in liquidations often reflect forced selling, not a steady trend. Still, the lack of a strong bounce is raising concerns about broader weakness.
All eyes are on Wednesday’s Nonfarm Payrolls report at 8:30 a.m. ET. Delayed by last month’s brief federal shutdown, the data is expected to move markets. Some Trump administration officials have suggested the numbers might come in weaker than expected, which could fuel rate-cut bets and support risk assets — though volatility is likely before any clear trend emerges.
Key levels to watch
From a technical view, the battle zone is clearly $69,000–$71,000. But even if Bitcoin rallies into that range, it’s resistance until proven otherwise.
A meaningful shift in momentum requires a decisive breakout above $72,000, confirmed by a strong daily close. Without it, any rally could quickly fizzle and remain part of the larger corrective move.
Failing to reclaim $69,000–$71,000 within 24 hours could open the door toward $64,000. Beneath that, the psychological $60,000 level comes into focus — an area where panic selling has historically intensified.
It’s a narrow window with high stakes. Bulls need to act fast. Bears are waiting patiently.
BTC price prediction: What comes next?
Macro catalysts are steering short-term moves. Should the jobs report fall short of expectations and risk appetite improve, Bitcoin price could climb toward resistance. But without decisively reclaiming $72,000, any rally risks fading quickly.
Should selling continue and a $64,000 break, the market could accelerate toward $60,000, where long-term buyers may step in. That zone may ultimately decide whether the broader uptrend holds.
The near-term Bitcoin price prediction leans toward continued volatility. The market is perched at a technical crossroads, and macro data may spark the next big move.
For now, the Bitcoin outlook is cautiously neutral-to-bearish, though a decisive breakout above $72,000 could swing sentiment sharply back toward the bulls.
Traders should prepare for rapid price action, as sharp moves could come in either direction.
