Bitcoin moved closer to its lowest level in nearly three weeks as market pressure intensified ahead of the Wall Street open. BTC slipped below $66,500, reflecting ongoing downside momentum as geopolitical tensions increased following reports of disruptions to oil supply routes linked to the Strait of Hormuz.
Market data showed Bitcoin trading near $66,742, while U.S. stock futures weakened and WTI crude oil approached $97 per barrel, highlighting broader market stress affecting risk assets.
Liquidity Pressure Builds as Resistance Holds Near $70K
Trading activity revealed strong resistance between $70,000 and $71,000, preventing price recovery despite repeated attempts to move higher. Liquidity clusters remained visible below $65,000, suggesting that lower levels may be targeted before a stable bottom forms.
Analysts noted that ongoing liquidity sweeps have dominated price behavior throughout the week. Some market participants indicated interest in accumulating Bitcoin only if prices move into the lower $60,000 range, reflecting cautious sentiment ahead of the monthly close.
Bear Flag Pattern Points to $41K Downside Target
Technical signals show Bitcoin forming its second bear flag pattern of 2026, similar to structures seen earlier in the year. The breakdown below key technical support has increased the probability of further downside.
Veteran trader Peter Brandt warned on Wednesday;
Measured projections based on the earlier January 14 high to February 6 low range suggest a possible decline toward $41,000, reinforcing bearish expectations if current support levels fail.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.