- The ongoing correction in Bitcoin price is poised for another 11% before it retests a long coming support trendline at $58,350.
- The relative strength index at 30% highlights aggressive selling pressure but also the asset entering an oversold region.
- Spot Bitcoin ETFs recorded net inflows for the third consecutive trading day.
The pioneer cryptocurrency, Bitcoin, remained on back foot during Wednesday’s U.S. market hours to trade at $67,591. Amid a macro-driven risk aversion, BTC lost 1.7% in intraday sell-off, signaling a risk of extended correction below $70,000. Despite the expected volatility, the Bitcoin price shows opportunity to hold the $60,000 mark as on-chain data shows supply leaving exchanges along with renewed institutional demand for BTC ETFs.
BTC Reserves on Exchanges Drop to 1.21M BTC Amid Market Unease
The overall cryptocurrency market recorded a loss of over 1.5% to $2.31 Trillion on February 11th, along with Bitcoin price losing 1.23% to $67,591. The selling pressure can be attributed to U.S. nonfarm payroll in January coming at 130,000, notably higher than market’s forecast of 70,000.
This stronger-than-expected data could bolster the Federal Reserve to keep the interest rate unchanged for March 2025. Theoretically, such a hawkish economic approach prioritizes curbing high inflation over fostering short-term economic growth in financial markets, including crypto.
That said, the on-chain analytics provided by Santiment shows that centralized exchanges experienced a decline of 19,162 BTC in reserves in the last seven-day period, with a total of about $17 billion withdrawn at current market prices. The majority of this activity is related to user caution around Binance, related to concerns still remaining after the substantial decline in the market as of October 10, 2025.
Charts from the platform show aggregate exchange holdings falling from around 1.23 million BTC to around 1.21 million BTC, along with a slight decrease in the amount of the total supply of Bitcoin held on exchanges.
Many of these movements reflect transfers to personal cold storage or transfers to competing platforms as some participants conduct themselves to take advantage of potential rapid sales amidst persistent unease in the market.
Bitcoin exchange traded funds reported net positive inflows for the third consecutive day, which is a sign of renewed investor interest. On February 10, spot BTC ETFs received $166.56 million in new capital, ETH-focused products experienced a small rise of $13.82 million, a relatively quiet increase.
Total assets under management amounted to $96.78 billion for BTC funds and $11.76 billion ETH counterparts. Market observers speculate on the resilience of BTC through these price dips, compared to softer demand for ETH. These numbers point to continuing changes in cryptocurrency investment trends.
Bitcoin Price Heading for Multi-Year Support Trendline for Reverse
The daily chart analysis of Bitcoin price shows a bearish reversal from the $72,000 resistance. In the last 48-hours, the coin price plugged 4.5% to reach its current trading value of $67,548.
As the overhead supply remains intact BTC created a fresh lower-high formation in its technical chart, indicating a sell–the-bounce persistence among market participants. With sustained selling, the Bitcoin price is poised for 16.5% before its price retests a multi-year support trendline at $56,350.
Since January 2023, the ascending trendline has acted as a dynamic support for coin buyers to recoup exhausted bullish momentum. If the current Bitcoin correction managed to hold above the aforementioned support, the price trajectory could shift sideways to display its sustainability for a higher rally.
The momentum indicator RSI at 30% highlights an aggressive selling pressure in the market, reinforcing the idea of potential correction in price.
Credit: Source link