Bitcoin set a weekly low near $65,500 and has fallen for four straight days, while funding rates in futures remain deeply negative since early February. According to CryptoQuant, the 7-day average turned negative for the first time since March 2023 and November 2022, and analysts say crowded shorts could face a squeeze if $58,000 holds.

On Thursday, Bitcoin and Ether hit intraday lows of $66,171 and $1,912. Bloomberg analysis indicates ETH spot ETF holders face steeper losses, with assets at $11.27 billion versus $30.5 billion and an estimated $3,500 cost basis, while BTC ETFs sit at $85.76 billion, down from a $170 billion peak in October 2025.

On Wednesday, Bitcoin fell to $65,800, slipping beneath key intraday trend lines. According to analysts, a widening thin-liquidity pocket between $66,000 and $60,000 increases the likelihood of a move toward the $59,800 yearly low. Heatmaps indicate limited resting liquidity down to $60,500, while repeated failures near $70,000–$72,000 keep momentum soft.

Bitcoin has fallen for three consecutive days, dropping below $66,000 after a failed push above $70,000 and returning toward its 2026 low. Onchain and derivatives data indicate spot-led selling on Binance, a negative Coinbase premium signaling weak US participation, and declining open interest with net outflows of roughly -$2.8 billion over 30 days.

On Tuesday, Ether (ETH) struggled to stay above $2,000, and analysts said the token's 31% decline in 2026 mirrors a past-cycle fractal that implies a deeper consolidation. Glassnode's URPD and derivatives heat maps flag demand between $1,300–$2,000, while CryptoQuant tracked net exchange outflows above 220,000 ETH, including roughly 158,000 ETH from Binance last Thursday.

On Tuesday, Bitcoin traded below $69,000 after a sell-off to $60,000 and a swift rebound to $72,000 pulled long-term valuation gauges into a deep-value zone. Realized price bands at roughly $55,000 and $42,000 and power-law percentiles near cycle lows suggest upside of 170%–220%, while analysts also warn of potential downside toward $52,000 or even $38,000–$40,000.

Bitcoin climbed back above $71,000 after sentiment gauges like the Crypto Fear & Greed Index plunged to a record low of 7, raising debate over whether $60,000 marks the cycle's floor. Some analysts point to oversold RSI readings and over $5.45 billion in short liquidations above current prices as fuel for a rebound, while others highlight structural weakness below key moving averages and derivatives-driven selling that could still drag BTC under $60,000. Historical Fibonacci levels around $57,000 and even $42,000 are being monitored as potential downside targets if past bear market patterns repeat.

Ether fell to a year-to-date low of $1,927 on Thursday, more than 60% below its $4,950 all-time high. According to CryptoQuant, mid-sized holders trimmed balances while 10,000+ ETH wallets added exposure, and Binance inflows reached about 1.63 million ETH on Wednesday. An analyst highlighted a taker buy/sell ratio near 0.94, pointing to persistent sell-side pressure.

On Wednesday, Bitcoin's bid to hold $70,000 remained under strain as futures positioning unwound, with about $55 billion in open interest erased over the past 30 days, according to CryptoQuant. Analysts flagged negative CVD on major derivatives venues and rising exchange reserves since Jan. 19, while views diverge on whether support develops in the high $60,000s or near $50,000.