(Feb 16): Bitcoin fluctuated after posting its fourth consecutive weekly loss, with the cryptocurrency struggling to find clear direction as a weekend rally fizzled.
The largest digital token ended Sunday down 2.6% for the week, erasing a small bounce that briefly took it close to US$71,000 on Saturday. Bitcoin edged 0.2% higher to US$68,955 as of 9.45am in London on Monday (Feb 16). Ether, the second-largest cryptocurrency, was up slightly at US$1,988.
Bitcoin has dropped more than 40% from its all-time peak near US$127,000 in October, struggling to latch onto rallies in gold or equities. The broader crypto market has lost almost US$2 trillion in value over the same period, according to data from CoinGecko.
The token’s recent weakness has led some analysts to question whether prices have found a floor.
See also: Bitcoin steadies in Asia after Standard Chartered warning
See also: Bitcoin slides below US$67,000 as crypto diverges from stocks
“The big question on everyone’s mind is whether crypto has bottomed out or if there’s still more downside on the horizon,” Greg Magadini, director of derivatives at Amberdata, wrote in a note. Sentiment around digital-asset treasury holdings and money flowing into or out of spot Bitcoin exchange-traded funds will be key indicators to watch, he said.
October selloff
Bitcoin’s slide was kickstarted by a major selloff on Oct 10, when billions of dollars in crypto bets were liquidated. Since then, investors have withdrawn more than US$8.4 billion from US-listed spot Bitcoin ETFs, according to data compiled by Bloomberg.
Adding to the cautious mood, Standard Chartered — whose analysts are typically bullish on the token’s prospects — last week cut its forecast for Bitcoin’s price at the end of 2026 by a third. The bank anticipated Bitcoin could slide further to US$50,000 before recovering to end the year around US$100,000. That’s down from a prior projection of US$150,000.
Still, some analysts say the technical picture leaves room for a rebound.
“As long as Bitcoin holds above the 200-week moving average at US$58,239 — a level it successfully defended two weeks ago — there remains scope for a recovery toward initial resistance at US$73,000 to US$75,000,” said Tony Sycamore, an analyst at IG Australia.
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