- Bitcoin Price Expectations: Bitcoin drops below $68,000 amid a defensive stance for recovery

Bitcoin (BTC) is trading below $68,000 as of the time of writing this report on Tuesday after facing resistance near the upper boundary of accumulation. A Glassnode report indicates that market conditions remain defensive for the king of cryptocurrencies, maintaining a sideways market stability, while sustainable recovery depends on renewed spot demand. Meanwhile, technical forecasts suggest that Bitcoin could fall further toward the $60,000 level if it breaks below the lower boundary of accumulation.

Traders continue to adopt a defensive stance, supporting the continuation of the market within a defined range. Bitcoin's price has stabilized between $65,700 and $72,000 over the past ten days, with no clear trend. Glassnode reported on Monday that overall market conditions remain defensive across all spot and derivatives market indicators, ETFs, and blockchain metrics.

The chart below shows an improvement in the value of spot CVD contracts (Spot CVD) from -$352.9 million in early February to -$193.9 million on Monday, indicating a decrease in selling pressure. However, the value remains negative, within the statistical ranges (red and green), suggesting market neutrality and early signs of stability.

Additionally, spot trading volume (down 48.3%) from $15.8 billion in early February to $8.2 billion on Monday, approaching the statistical minimum (red), indicating a sharp decline in investor participation.

A Glassnode analyst states: "This indicates a decline in conviction and consolidation, where the price is likely to deviate or stabilize until a new catalyst returns trading volume."

Bitcoin spot CVD chart. Source: Glassnode

Bitcoin spot trading volume chart. Source: Glassnode

The analyst concluded that "although selling pressure appears to be waning, participation and capital flows remain weak, and leverage reduction is ongoing. Risks may be undervalued in options markets. Sustainable recovery still depends on renewed spot demand capable of supporting prices beyond the recent rebound zone."

Accumulation is expected to decline at the $60,000 level. The chart below shows the 7-day moving average accumulation trend (7-day moving average) for Bitcoin, indicating that during the first bearish wave in November 2025, the market absorbed intense selling pressure strongly, similar to reactions following the LUNA and FTX collapses.

However, in the second phase, the recent dip to $60,000 on February 6 showed weaker accumulation compared to the strong and bold buying following Luna’s collapse. This suggests that current buying interest lacks the urgency and intensity seen during previous major capitulation events, which could reinforce the current defensive market structure with a limited range.

Bitcoin accumulation trend indicator chart (7-day moving average). Source: $BTC ‌Glassnode