Bitcoin is facing resistance at $71,000, weakening momentum for further gains.

CoinDesk reported on Feb. 10 that bitcoin briefly fell to the low $60,000s last week before rebounding into the $70,000 range, but momentum later faded.

Alex Kuptsikevich (알렉스 쿠프치케비치), chief market analyst at FXPro, said bitcoin sell orders are still piling up in the market, making it likely that the 200-week moving average will be tested again soon. He said the recovery slowed over the weekend and selling emerged around $2.4 trillion, pointing to further declines.

Market sentiment has also deteriorated sharply. The Crypto Fear and Greed Index fell to 6 over the weekend, matching levels seen during the 2022 FTX incident, before recovering to 14. Kuptsikevich said the index remains too low to start buying and reflects structural market instability rather than temporary anxiety.

A lack of liquidity is also a problem. With trading volumes down, even limited selling pressure can trigger sharp price swings, creating a vicious cycle that leads to additional stop-loss selling and liquidations. Total trading volume on major centralised exchanges has fallen about 30 percent since October and November last year, and monthly spot volume has dropped from $1 trillion to about $700 billion.

Trading surged a few times last week, but the broader trend shows participation continuing to decline. That suggests traders, especially retail investors, are leaving the market gradually rather than exiting all at once.

Kaiko analysed the decline as part of bitcoin's four-year halving cycle. Bitcoin peaked at $126,000 in late 2025 to early 2026 and has fallen more than 60 percent, and historically such corrections are accompanied over several months by multiple failed rebounds.

For now, the key question is whether bitcoin can hold support at $60,000. If that level breaks, further declines could accelerate amid thin liquidity, the outlet warned.