Cryptocurrency markets faced selling pressure Sunday, with Bitcoin dipping below $69,000 as investors reacted to recent economic data and braced for a quiet trading day with U.S. Markets closed for Presidents’ Day. Despite the downturn, some analysts are pointing to potential bullish signals, suggesting a possible rebound for the leading cryptocurrency. The global cryptocurrency market capitalization fell 1.07% to $2.28 trillion over the past 24 hours, according to market data.
The pullback comes after the release of January’s Consumer Price Index (CPI) data on Friday, which showed inflation slowing to 2.4% annually – the lowest reading since May 2025. Although the easing of inflation typically boosts risk assets like crypto, the initial reaction was muted. The CME FedWatch tool indicates a modest 9.8% probability of a 25-basis-point interest rate cut at the Federal Reserve’s March meeting, suggesting the market doesn’t anticipate immediate monetary easing. Meanwhile, stock futures edged higher overnight, with the Dow Jones Industrial Average Futures rising 0.07% as of 7:42 p.m. EDT.
Bitcoin (BTC) traded at $68,673.86 as of 8:25 p.m. ET, down 1.24% over the past 24 hours, with trading volume increasing by 11%. Ethereum (ETH) experienced more significant selling pressure, falling below $2,000 and dropping 4.83%, accompanied by an 80% spike in 24-hour trading volume. Other altcoins also saw declines, with XRP down 3.46% and Solana falling 2.14%. Dogecoin was the hardest hit, plunging over 8% to $0.1022. Approximately $325 million was liquidated from the market in the last 24 hours, with $240 million stemming from bullish long positions, according to Coinglass.
Potential Reversal Pattern Emerges
Despite the short-term bearish sentiment, technical analysts are identifying potential bullish patterns. Popular cryptocurrency trader Ali Martinez highlighted a possible “Adam & Eve” double bottom formation on Bitcoin’s 1-hour chart. This pattern, a classic reversal indicator, suggests a potential shift in momentum. “A break above $71,500 could open the door to $79,000,” Martinez predicted.
#Bitcoin has a classic correction on Sunday.Why?As the CME gap is at $69K.Probably we’ll stay around this level until Monday open and then we’re back up towards the highs. Still, the #Altcoins are acting stronger. pic.twitter.com/fGfj1CuFrz
— Michaël van de Poppe (@CryptoMichNL) February 15, 2026
Michaël van de Poppe, another widely followed chartist, also noted Bitcoin’s “classic correction” on Sunday, pointing to a CME gap at $69,000. He anticipates Bitcoin will likely consolidate around this level until Monday’s market open, potentially leading to a move back towards higher prices. CME gaps occur on the CME Bitcoin futures market due to discrepancies between closing and opening prices.
Market Sentiment Remains Fearful
Despite the technical analysis suggesting a potential rebound, market sentiment remains firmly in “Extreme Fear,” according to the Crypto Fear & Greed Index. Bitcoin’s open interest fell 2.69% alongside the price decline, but a majority of both retail and institutional investors on Binance continue to hold long positions. The liquidation data from Coinglass indicates that bullish traders were particularly impacted by the recent price drop.
While Bitcoin and Ethereum experienced significant selling pressure, a few smaller cryptocurrencies saw gains. Beercoin2 (BEER2) led the pack with a remarkable 187.60% increase, followed by SKPANAX (SKX) at 84.56% and World of Dypians (WOD) at 77.56%. However, these gains are concentrated in lower-market-cap altcoins and do not necessarily reflect broader market trends.
Spot gold, often seen as a safe-haven asset, traded down 0.41% at $5,021 per ounce after rallying on Friday following the softer inflation print. The Novel York Stock Exchange and Nasdaq will be closed on Monday for Presidents’ Day.
Looking ahead, the cryptocurrency market will likely remain sensitive to macroeconomic data and Federal Reserve policy signals. The next key event to watch is the Federal Reserve’s March meeting, although current expectations for a rate cut remain low. Continued monitoring of technical patterns, such as the Adam & Eve formation identified by Martinez, will be crucial for assessing potential price movements.
What are your thoughts on Bitcoin’s potential to reach $79,000? Share your insights in the comments below and join the conversation.
