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Bitcoin continues its tug-of-war with gravity after an unforgiving plunge from record highs. On Feb. 8, 2026, bitcoin is priced at $70,854, boasting a market capitalization of $1.41 trillion and a 24-hour trading volume of $50.09 billion. The price ranged intraday from $68,443 to $70,976—swinging like a caffeinated pendulum through volatile terrain.
Bitcoin Chart Outlook
To the trained eye, the daily chart resembles the aftermath of a digital coronary. Bitcoin nosedived roughly 37% from near $95,000 to $59,930 earlier this year, slicing through support like a hot knife through HODLers’ dreams. While a relief rally has materialized, the broader trend remains unmistakably bearish, marked by lower highs, lower lows, and blood-red volume bars. This decline wasn’t just retail panic—liquidations north of $1 billion and macroeconomic jitters added fire to the fuse. Until bitcoin reclaims and sustains a position above $75,000, this bounce is guilty until proven innocent.
Zooming into the 4-hour chart, the recovery attempts look more like limp wrist flicks than a full-bodied swing. The price flounders below critical levels, struggling to hold $70,000, which now acts as a battleground rather than a bastion. Institutional shakeouts and mining difficulty adjustments have failed to stabilize the ship.
The candles tell a story of attempted rebounds met with swift rejection, painting a picture of a market unsure whether to cry, sleep, or rally. Traders eyeing entries around $60,000–$62,000 should monitor volume like hawks at a desert watering hole.
The 1-hour chart, on the other hand, hints at some short-term bullish swagger. A sharp climb from $67,313 to nearly $71,673 suggests someone is buying the dip—or at least pretending to. A series of higher lows confirms that short-term bulls are nibbling, but the key resistance at $71,673 remains the line in the sand. A clean break above could nudge the price toward $74,000, but anything less would reek of exhaustion. And let’s not forget: failure to hold $68,000 could reopen the trapdoor back to $59,930. Seatbelts recommended.
Indicators aren’t offering much of a pep talk either. Oscillators like the relative strength index ( RSI), stochastic, commodity channel index (CCI), average directional index (ADX), and awesome oscillator are all throwing up neutral signals. Momentum may be whispering encouragement, but the moving average convergence divergence ( MACD) is actively shaking its head with a bearish tilt.
The moving averages? Every single one from the 10-period to the 200-period—both simple (SMA) and exponential (EMA)—are firmly pointing south. If these were plane instruments, we’d be nose-diving into turbulence.
In sum, bitcoin’s price action today looks like a messy soap opera of panic, recovery, and indecision. Technicals across all timeframes suggest a battered asset attempting to find its footing while battling historical resistance and macro-level pessimism. The market has a pulse, but whether it’s a rebound or just a twitch remains to be seen. One thing’s for certain: this isn’t your grandma’s bull run.
Bull Verdict:
If bitcoin can break above $71,673 with conviction and volume, a run toward $74,000 or even $79,000 is on the table. Short-term momentum is quietly shifting, and higher lows on the 1-hour chart suggest the bulls aren’t extinct—just cautious and waiting for the right spark.
Bear Verdict:
With all major moving averages—both simple and exponential—pointing downhill and the moving average convergence divergence ( MACD) stuck in the red, this bounce may be nothing more than a dead cat with a strong caffeine buzz. Unless $75,000 is reclaimed and held, the broader trend remains bearish, and a revisit of $60,000 support is a very real possibility.
FAQ ❓
- Where is bitcoin trading now? Bitcoin is trading around $70,854 as of February 8, 2026.
- What’s the short-term trend for bitcoin?The 1-hour chart shows higher lows and short-term bullish momentum.
- Is the overall bitcoin trend bullish or bearish?The daily trend remains bearish, with resistance near $75,000.
- What’s driving bitcoin volatility today?Recent institutional selling and extreme fear are fueling sharp price swings.
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bitcoinmagazine.com
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