Bitcoin is on the verge of recording its fifth consecutive week of price declines, marking its longest weekly losing streak since 2022. The last comparable period was in 2022, when the cryptocurrency fell for nine straight weeks between March and May. The current downturn has seen Bitcoin's price drop to the $66,000-$67,000 range, critically testing the $65,000-$66,000 support zone.
Analysts warn that a break below this $65,000 support level would disrupt the established higher-low price structure, potentially exposing the market to a further decline toward $60,000. This bearish momentum is not confined to weekly charts; Bitcoin has also declined for five consecutive months, representing the second-longest monthly losing streak after a six-month slide in 2018-2019.
The pressure is multifaceted, stemming from both technical weakness and challenging macroeconomic conditions. Escalating geopolitical uncertainty, including news of potential U.S. airstrikes against Iran, has strengthened risk-aversion sentiment across financial markets. This has led to a rotation out of risk assets like cryptocurrencies and into defensive havens. Consequently, the U.S. Dollar Index (DXY) strengthened to 97.7, while WTI crude oil prices climbed to $65 per barrel. Analysts note that a stronger dollar and higher energy prices are increasing downward pressure on speculative assets.
Bitcoin's performance against gold further underscores this flight to safety. The BTC/gold pair has declined for seven consecutive months, indicating a growing investor preference for traditional safe-haven assets. Since reaching its all-time high of $126,500 in October of the previous year, Bitcoin's price has fallen by more than 50%.
Despite the gloomy price action, on-chain data reveals a nuanced picture among long-term holders (LTHs). According to analysis, LTHs halted their distribution phase around January 12, 2026, once Bitcoin entered the $62,000–$68,000 range. After six months of distributing at higher price levels, these holders have shifted behavior, showing signs of renewed accumulation as prices compressed. However, metrics like Coin Days Destroyed (CDD) remain at cycle highs, partly inflated by large UTXO consolidation transactions from major entities like Coinbase and Fidelity, rather than pure selling pressure.
Futures market data shows a fragile setup. Aggregated open interest climbed 3% to $15.50 billion recently, even as spot prices drifted lower, with funding rates ticking up to 0.046%. This suggests traders are opening fresh long positions into weakness. Approximately $250 million in long positions were liquidated below $67,000 since February 15, a move that analysts say has helped reset excessive leverage. Liquidity heatmaps indicate thin order book depth between $66,000 and $69,000, with dense clusters of resting orders and stop positions below $66,000 and above $71,000, setting the stage for potential volatility.
Some analysts point to a potential silver lining. The Binance Bitcoin Futures Power 30-day change metric has dropped to -0.18, a level last seen in April-May 2024, which preceded a significant rally. A bullish divergence is also forming on lower timeframes, with price making lower lows while momentum indicators like the RSI make higher lows, signaling fading selling pressure. A sustained break above $68,000 could open a path toward $71,500, while failure to hold $65,000 support risks a deeper correction.
