Bitcoin Momentum Fades as Resistance Caps Rebound Attempt
Veteran trader Peter Brandt, who previously warned that Bitcoin could fall below $63,000, now says the token “may go up,” even as he maintains that the broader corrective structure is not yet complete.
Key Takeaways:
- Brandt sees scope for a short-term rebound within a broader corrective trend.
- Bitcoin trades near $67,000 after failing to hold above $68,000 resistance.
- Momentum indicators show neutral-to-weak conditions, not capitulation.
- Dominance and ETF flows suggest limited conviction behind upside moves.
At the time of writing BTC is trading near $67,000, after sliding from intraday highs above $68,000. The asset remains more than 50% below its all-time high, reinforcing the view that the market is still navigating a cyclical downturn rather than a confirmed recovery phase.
Brandt has based his outlook on historical four-year cycle behavior, noting that prior bear phases often retraced 50% or more before establishing durable bottoms. He recently projected downside toward the $58,000 area when Bitcoin was trading around $90,000, arguing that the correction fits past structural patterns.
From a technical standpoint, Bitcoin is consolidating below short-term resistance near $68,200–$68,500. Repeated rejection in that zone has formed a series of lower highs on intraday charts, signaling supply pressure. Immediate support sits around $65,800–$66,000, with a break below that region potentially exposing the $64,500 and $63,000 levels.
The relative strength index is hovering near the mid-50 area, indicating neither overbought nor oversold conditions. This suggests the market lacks strong directional momentum. Meanwhile, the moving average convergence divergence indicator has begun to flatten after prior negative readings, hinting that bearish momentum is fading but not yet reversing decisively.
Bitcoin may go up
But this is NOT an inverse H&S
The level of incompetence about classical charting principles on X and YouTube is unbelievable https://t.co/VBT1QTWOeZ— Peter Brandt (@PeterLBrandt) February 17, 2026
Brandt also dismissed claims that Bitcoin is forming an inverse head-and-shoulders pattern, arguing that classical charting principles do not support that interpretation. In his view, the current structure more closely resembles a consolidation within a broader downtrend.
Dominance and Flow Signals Remain Mixed
According to data cited by Matrixport, Bitcoin dominance is stabilizing near 58%, moving largely in tandem with overall crypto market capitalization. The lack of a sharp rise in dominance suggests capital is not aggressively rotating back into Bitcoin as a defensive play.
Spot Bitcoin ETF flows have also been inconsistent, with intermittent outflows reinforcing the absence of strong institutional accumulation at current levels.
Taken together, technical structure, flow data and macro uncertainty point to a market that may attempt tactical rebounds but remains vulnerable to renewed downside. For sustained upside traction, Bitcoin would likely need a decisive break above resistance accompanied by expanding volume and strengthening momentum indicators – conditions that have yet to materialize.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
