BlockBeats news, on February 4, multiple traders pointed out that Bitcoin is approaching the 200-week moving average (EMA/SMA), a long-term key support level, which is around $68,000, and this level may become an important bottom area in this adjustment.
The analysis suggests that this is the first retest of the long-term trend line since the end of 2023. Historical data shows that after Bitcoin breaks below the 100-week moving average, it often retraces to the 200-week moving average and forms a medium- to long-term bottom. Some traders expect that if the price further declines, the level of 68,000 USD will be a key observation area. If this level is breached, the next area of focus may drop to between 55,000 and 58,000 USD.
Although BTC has pulled back more than 40% from its peak, the market sentiment has not shown a complete surrender. Institutional analysts pointed out that the "crypto winter" usually lasts about 14 months, and the current phase may be nearing its end. At the same time, U.S. spot bitcoin ETFs have experienced a net outflow of about $3.2 billion since mid-January, accounting for only about 3% of their total assets under management, indicating that long-term capital resilience remains.