As a crypto investor, I’m watching Bitcoin closely right now. The big jobs report comes out Wednesday morning, and honestly, it’s making the price a little unstable. These economic reports often cause sudden price swings, so everyone’s a bit on edge waiting for the numbers to drop at 8:30 AM Eastern time.
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Over $250 million worth of risky trades were closed in a single day, causing significant losses, especially for those betting prices would rise. The sudden drop below a key support level caught many investors off guard and highlighted how rapidly this market can change.
- Bitcoin is trading near $66,700, slipping below $67,000, and triggering over $250 million in leveraged liquidations, mostly affecting long positions.
- Short-term momentum is bearish, with the $69,000–$71,000 range acting as key resistance and $72,000 needing a decisive breakout to shift momentum.
- Failure to reclaim $69,000–$71,000 could push Bitcoin toward $64,000, with $60,000 as a critical psychological support where panic selling may intensify.
Current market scenario: Technical weakness builds
As of February 11th, Bitcoin is currently trading around $66,700. It briefly fell below $67,000, which caused a wave of forced selling.
Traders are interpreting this as a significant downward turn, based on the daily price chart. A recent period of support, lasting two weeks and cushioning price drops, has disappeared, and the market is now clearly moving lower in the short term.
Sudden increases in liquidations usually mean assets are being quickly sold due to necessity, rather than a consistent decline in value. However, the market’s failure to recover is starting to worry some investors, suggesting a potentially wider problem.
As a researcher, I’m closely watching Wednesday’s jobs report, the Nonfarm Payrolls, which will be released at 8:30 a.m. Eastern Time. It’s been slightly delayed due to last month’s government shutdown, and I anticipate it will significantly impact the markets. There’s been some talk from within the previous administration suggesting the numbers might be a bit lower than forecasts, and if that happens, it could increase expectations for interest rate cuts, potentially boosting stocks and other riskier investments. However, I expect some market uncertainty and fluctuations before any clear pattern develops.
Key levels to watch
Technically, Bitcoin is facing a key price range between $69,000 and $71,000. However, even if the price rises to that level, it’s likely to encounter resistance, meaning it may struggle to break through.
For the price to truly start rising again, it needs to clearly break above $72,000 and finish the day above that level. Otherwise, any price increase is likely to be temporary and part of a broader downward trend.
If the market doesn’t recover between $69,000 and $71,000 within a day, it could fall to $64,000. A drop below that level could trigger increased selling as it approaches the $60,000 mark, a price point where investors often panic.
It’s a narrow window with high stakes. Bulls need to act fast. Bears are waiting patiently.
BTC price prediction: What comes next?
Right now, things like economic news are really driving Bitcoin’s price in the short term. If the upcoming jobs report isn’t as strong as expected and people start feeling more comfortable taking risks, I think Bitcoin could push up towards its resistance level. However, unless we can break through and hold above $72,000, I’m worried any price increase will probably be short-lived.
If prices keep falling and break below $64,000, we could see a faster drop towards $60,000. This level will likely be important, as buyers waiting for a lower price might start purchasing there, and it could determine if the overall upward trend continues.
Bitcoin’s price is likely to remain unstable in the short term. The market is at a key decision point, and upcoming economic reports could trigger significant price changes.
Currently, Bitcoin’s future looks cautiously negative, but a strong rise above $72,000 could quickly change investor confidence and push prices higher.
Traders should prepare for rapid price action, as sharp moves could come in either direction.
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2026-02-11 16:40