NewsBTC
Feb 2, 2026
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BEARISH 📉 : Bitcoin Breaks Key Support, Analyst Signals Lower Levels Ahead

Bitcoin's Recent Price Action

  • Bitcoin has fallen into bearish territory, dropping below an important previous low that supported its rally for months.
  • Currently trading at $78,560, Bitcoin reached a low of $77,082 in the last 24 hours.
  • This drop signifies a significant change in the technical structure, according to crypto analyst XForceGlobal.

Technical Analysis and Implications

  • XForceGlobal's Elliott Wave analysis indicates the invalidation of a bullish framework, suggesting lower levels are likely in the coming weeks and months.
  • The breakdown below the previous low changes the primary wave count, indicating a structural shift from a healthy continuation to a corrective phase.
  • This restructuring allows further decline from a Fibonacci extension perspective and alters downside target evaluations.

Bearish Scenarios for Bitcoin

  • Two main bearish scenarios predict similar downside levels around $60,000:
  • A flat correction scenario suggests a full distribution range could pull prices down to $60,000.
  • A macro ending diagonal scenario also aligns with targets near $60,000, despite different technical paths.
  • Short-term bearish bias is suggested, with potential decline to $60,000 before a rebound above $100,000 is possible.