Bitcoin price today trades near $68,343, down 0.65% in the past 24 hours after failing to establish support above $70,000 over the weekend. The move comes as Coinbase CEO Brian Armstrong revealed retail users are accumulating during the correction, while January CPI data showed inflation cooling to 2.4%, the lowest level in months.
Bitcoin price today trades near $68,343, down 0.65% in the past 24 hours after failing to establish support above $70,000 over the weekend. The move comes as Coinbase CEO Brian Armstrong revealed retail users are accumulating during the correction, while January CPI data showed inflation cooling to 2.4%, the lowest level in months.
Coinbase CEO Brian Armstrong shared data showing retail users on the platform have been “very resilient during these market conditions.” According to Armstrong, retail traders have been buying the dip with native unit increases for both BTC and ETH. Most notably, the vast majority of customers had native unit balances in February equal to or greater than their balances in December.
The data suggests retail holders are accumulating despite Bitcoin dropping 45% from the October highs near $125,000. When retail balances increase during corrections, it typically indicates long-term conviction rather than panic selling. This pattern contrasts with prior bear markets where retail distribution accelerated as prices fell.
Armstrong’s comments come as Bitcoin attempts to hold the $68,000 support zone after briefly rallying above $70,000 following Friday’s CPI release.
Inflation growth to 2.4% year-over-year in January from 2.7% in December, official data showed, reinforcing expectations for at least two 25 basis point rate cuts by the Federal Reserve in 2026.
The cooling CPI reading sent the 10-year U.S. Treasury yield falling to 4.05%, the lowest level since early December.
Bitcoin rallied from nearly $66,800 on Friday to over $70,000 over the weekend following the CPI release, but failed to establish a foothold above that psychological level.
The inability to hold $70,000 despite positive macro data suggests the market remains focused on near-term technical resistance rather than fundamental catalysts.
On the daily chart, Bitcoin continues to trade below all major moving averages. The 20-day EMA sits at $73,188, the 50-day at $80,626, the 100-day at $87,426, and the 200-day at $93,851. All four EMAs remain stacked downward, creating a clear resistance ceiling. Supertrend stays bearish at $79,576, confirming sellers control momentum.
The chart shows:
Bitcoin tested the $60,000 level predicted by Fidelity’s Jurrien Timmer as the cycle bottom, bouncing 14% from those lows to current levels. However, the structure remains corrective despite the recovery. The failure to reclaim the 20-day EMA at $73,188 shows buyers lack the strength to reverse the trend.
A daily close above $73,188 would flip the 20-day EMA and signal the first sign of trend exhaustion. Until that happens, each bounce represents a relief rally inside a broader corrective phase. Breaking below $65,000 would retest the February lows near $60,000 and invalidate the recovery attempt.
The 1-hour chart reveals Bitcoin testing an ascending trendline that has provided support since the February 5 low near $60,000. Parabolic SAR sits at $68,863, acting as immediate resistance. DMI shows all three lines converging, indicating weak momentum in both directions.
The structure shows:
Buyers are defending the ascending trendline for the fifth time in recent sessions. Each test increases the risk of breakdown, as support levels weaken with repeated testing. The failure to break above $70,000 despite positive CPI data shows sellers remain in control of shorter timeframes.
A clean break above $68,863 would flip the SAR and place $70,000 back in range. A breakdown below the ascending trendline would trigger another leg down toward $66,000 and eventually retest $65,000 support if selling pressure returns.
The next move depends on whether BTC can hold the ascending trendline and reclaim $73,188.
