Bitcoin price approaches a key support level. Can BTC rebound 23.6% to challenge the 50-day moving average?

February 13 News: Bitcoin price continues to fluctuate near a critical support zone. The short-term downtrend has not yet reversed, but technical indicators show the market is under high tension, and a rebound window is brewing. As of press time, Bitcoin is trading around $66,381, down approximately 1.7% in the past 24 hours. Intraday volatility has significantly increased, with a high of $68,300 and a quick pullback to around $65,200. Currently, it hovers near $66,000.

From a multi-timeframe perspective, short-term momentum remains weak, with 1-hour, 24-hour, and 7-day charts showing downward trends. Meanwhile, 14-day and 30-day declines exceed 20% and 30%, respectively, indicating medium-term selling pressure still dominates. The daily chart remains in a bearish trend, with the price well below major moving averages. The 50-day moving average is at $82,024, and the 100-day is above $88,526. To retest the 50-day moving average, Bitcoin needs to rise about 23.6% from current levels, which is also considered the most significant dynamic resistance zone at present.

Regarding technical indicators, the Relative Strength Index (RSI) has fallen to 29.55, entering oversold territory, suggesting short-term selling sentiment is nearing extreme levels and a technical rebound is possible. However, as long as the price cannot stabilize and hold above key moving averages, any rebound may be viewed as a corrective rally.

Liquidation data further reveals market fragility. Over the past 24 hours, total liquidations exceeded $100 million, with longs making up the majority, indicating that leveraged longs have been continuously squeezed during the downtrend. In the 12-hour window, shorts experienced higher losses, suggesting rapid price swings have triggered short-term liquidations, but the market quickly shifted downward again.

Currently, Bitcoin is at a critical juncture of “choosing a direction.” If a stable bottom forms around $66,000, there may be an opportunity for a rebound. Conversely, if support levels are broken, the market could continue seeking balance at lower levels.