Bitcoin’s price retreated from recent highs on Monday, falling below $69,000 as selling pressure intensified. The cryptocurrency, which had struggled to maintain a position above $70,000, is currently trading around $68,400, according to data from Kraken.
The decline followed a break below a key bullish trend line, with support previously established at $69,500, according to analysis of the BTC/USD pair. If Bitcoin fails to regain upward momentum, analysts predict a potential further drop, with initial support levels identified around $68,200 and $68,000. A breach of these levels could lead to a test of the $67,350 zone, and a key support level at $66,500.
The price action comes after Bitcoin failed to sustain gains above the $70,000 mark, triggering a sell-off that pushed the price below the $69,200 and $69,000 levels. The current price is hovering near the 100-hourly simple moving average. Should Bitcoin stabilize above $68,000, a renewed attempt to climb higher is possible, with immediate resistance anticipated near $68,800.
Further resistance is expected at $69,500. Breaking through this level could propel the price towards the $70,000 mark, potentially opening the door for gains towards $70,500, with subsequent resistance at $72,000 and $72,500.
Technical indicators suggest a bearish trend. The hourly MACD is currently gaining pace in the bearish zone, while the Relative Strength Index (RSI) for BTC/USD has fallen below the 50 level.
As of 05:55:01 UTC on February 16, 2026, the last trade price for BTC/USD on Kraken was $68,365, with a best bid of $68,707 and a best ask also at $68,707. Kraken reported 731,413 BTC purchased today, totaling $48,096,984,091. The current Bitcoin market cap stands at $1,314,831,745,147, with a circulating supply of 19,994,704 BTC. Bitcoin is currently trading at $65,759.00, down 2.95% over the last 24 hours.
