Bitcoin prices have returned to volatile territory ahead of Wednesday’s non-farm payrolls release. Macro catalysts often cause sudden volatility, so the drop in the data at 8:30 a.m. ET had traders nervous.
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More than $250 million in leveraged trades were leaked in just one day, making long positions the most difficult. The move below the short-term market supported blind bulls and confirmed how quickly this market could collapse.
summary
- Bitcoin is trading around $66,700, below $67,000, causing over $250 million in leveraged liquidations, primarily affecting long positions.
- Short-term momentum is bearish, with the $69,000 to $71,000 range acting as key resistance and a decisive breakout at $72,000 needed to change momentum.
- If Bitcoin is unable to recover between $69,000 and $71,000, it could head toward $64,000, with $60,000 providing important psychological support and potentially intensifying panic selling.
Current market scenario: increasing technological weaknesses
As of February 11th, Bitcoin ($BTC) is trading around $66,700 after falling below $67,000 and causing a further flush of liquidations.
$BTC 1-day chart, February 2026 | Source: crypto.news
Traders are viewing this as a break on the daily chart. The two-week support that had absorbed the recent decline has disappeared, and short-term momentum is clearly bearish.
Spikes in liquidations often reflect forced sales rather than a stable trend. Still, the lack of a strong rebound raises concerns about broader weakness.
All eyes will be on the non-farm payrolls report to be released at 8:30 a.m. ET on Wednesday. The data is expected to move the market, although it was delayed by last month’s brief federal government shutdown. Some Trump administration officials have suggested the data could result in a weaker-than-expected outcome, which could accelerate bets on rate cuts and support risk assets, but volatility is likely to rise before a clear trend emerges.
Main levels to focus on
From a technical standpoint, the battleground is clearly $69,000 to $71,000. However, even if Bitcoin rises into that range, it will still be a resistance until proven otherwise.
A significant change in momentum would require a definitive breakout above $72,000, which is confirmed by the strong close. Without it, any rally can stall quickly and remain part of a larger correction move.
If you can’t get $69,000 to $71,000 back within 24 hours, you could open the door to $64,000. Below that, the focus will be on the psychological $60,000 level, an area where panic selling has historically been intense.
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It’s a high-stakes situation. Bulls need to act quickly. The bears are waiting patiently.
$BTC Price prediction: What happens next?
Macro catalysts are leading the short-term movement. If the employment report is weaker than expected and risk appetite improves, Bitcoin price could rise towards resistance. However, without a solid return to $72,000, any gains risk fading quickly.
If the sell-off continues and it breaks above $64,000, the market could accelerate towards $60,000, where long-term buyers could step in. That zone could ultimately determine whether the broader uptrend holds.
Short-term Bitcoin price predictions lean toward continued volatility. The market is at a technical crossroads, and macro data could drive the next big move.
For now, the outlook for Bitcoin is cautiously neutral to bearish, but a definitive breakout above $72,000 could send sentiment back sharply bullish.
Traders should be prepared for rapid price movements, as sharp movements can occur in either direction.
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