Bitcoin's latest pullback from its all-time high is being likened to the 2022 bear market by many traders, but analyst Christopher Inks argues the resemblance is mostly surface-level. He says the current structure looks like a finished five-wave decline tied to position reduction, unlike the structurally driven breakdown that followed the TerraUSD depeg in 2022. Inks is watching the next 2‑3 weeks for a defended low, declining pullback volumes and base-building below resistance, while Bitcoin trades around $68,639.

Bitcoin has bounced from the $66,500–$68,000 area but remains below $70,000 and the 100‑hour simple moving average, with multiple resistance zones between $69,200 and $72,500. Technical levels indicate that a close above $71,000–$72,000 could open the way toward $73,500–$74,500, while failure to break higher risks renewed losses toward $67,650, $65,500 and potentially $63,200. Momentum indicators such as the hourly MACD and RSI currently point to a bearish bias for BTC/USD.

In its latest Market Byte report, Grayscale argues that Bitcoin's recent price behavior resembles high-growth tech stocks rather than gold. The firm notes that BTC fell to about $60,000 on February 5 after peaking above $126,000 in October, moving lower alongside richly valued software and technology shares. Grayscale adds that, although Bitcoin has long-term features that could justify the "digital gold" label, the market currently trades it as a risky growth asset instead of a safe haven.

Bitcoin and Ethereum have rebounded sharply from last week's lows around $60,000 and $1,900, with Bitcoin touching $71,000 as large holders and funds step up accumulation. On-chain data points to two new whale wallets withdrawing 3,500 BTC and 30,000 ETH from Binance, while BTC and ETH ETFs have returned to net inflows in the hundreds of millions of dollars. A crypto analyst now argues that this structure could support a further Bitcoin rally toward the high $70,000 region and sees ETH as significantly undervalued by historical metrics.

On Tuesday, Bitcoin mining rig maker Canaan saw its Nasdaq-listed shares slide 6.87% to $0.56, extending its decline away from the $1 level it must regain by July to avoid a potential delisting. This came even as the firm reported fourth-quarter revenue of $196.3 million, up 121.1% year-on-year, record computing power shipments and a Bitcoin treasury that reached 1,750 BTC alongside 3,950 ETH.

Bitcoin is currently trading between two major liquidity zones, with price action compressing as both long and short positions accumulate at key levels. One analyst highlights a high‑timeframe liquidity pool around $65,300 as the main downside target, while intraday liquidity clusters are also forming near $69,900 and above $71,450. Another market watcher notes that liquidity on the 24‑hour heatmap is concentrated between roughly $67,800–$68,200 on the downside and $71,500–$72,500 on the upside, leaving traders focused on which side will be taken out first rather than on simple direction.

Bitcoin traded in a narrow range around $69,000 after sliding to $60,130 on Friday, even as its price briefly moved above $72,000 in a 14% rebound. Data shows top traders on Binance and OKX sharply reduced their long-to-short ratios and options desks favored put strategies, while U.S. spot Bitcoin ETFs recorded $516 million in net inflows over the same period. Derivatives positioning points to rising caution and uncertainty, despite strong spot ETF demand suggesting large holders have not fully turned bearish.

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.