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Bitcoin is attempting to break above the $68,000 level after several weeks of intense pressure, but overall market sentiment remains fragile.
Highlights
- Bitcoin is struggling to break above $68,000 after its worst 50-day start ever.
- The price is still about 47% below its $126,000 October peak.
- Macro pressure and large exchange inflows are capping recovery near $70,000.
The world’s largest cryptocurrency is still trading well below its October 2025 peak of $126,000, following what data shows has been the weakest 50-day start to a year on record.
The worst start in Bitcoin’s history
According to TradingView data, Bitcoin has fallen roughly 23% during the first 50 days of 2026, marking its poorest start to a calendar year. The asset declined about 10% in January and another 15% in February, recording back-to-back monthly losses for the first time in those two months. Data from Coinglass shows that even during previous downturns, February typically rebounded after a weak January.
During the recent correction, Bitcoin dropped below $60,000 earlier this month — a decline of more than 50% from its October high. Since then, prices have partially recovered to around $67,800, representing a modest rebound but still leaving the market in a broader corrective phase.
BTC Price Dynamics. Source: TradingView
Despite the downturn, some prominent supporters remain optimistic. Speaking at a crypto forum, Eric Trump said he has never been more confident that Bitcoin will eventually reach $1 million, even though it is trading about 47% below its peak. He argued that volatility is part of Bitcoin’s long-term growth pattern and pointed to its historical average annual gains over the past decade.
Macroeconomic factors weigh on recovery
External factors are also limiting upward momentum. Rising geopolitical tensions, including renewed instability in the Middle East, have pushed investors toward traditional safe-haven assets such as gold and short-term U.S. government bonds. At the same time, minutes from the latest Federal Reserve meeting signaled a firm stance on inflation, strengthening the U.S. dollar and tightening financial conditions.
Blockchain data also suggests caution among large holders. Significant Bitcoin transfers to exchanges have been recorded, often interpreted as preparation to sell rather than accumulate.
In the short term, Bitcoin faces resistance between $68,000 and $70,000. Failure to break above this range could trigger renewed selling pressure, while holding support near $60,000 is considered critical to prevent deeper losses.
Read also: Bitcoin ETFs retain $53 billion despite recent outflows, says Eric Balchunas
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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