Bitcoin is more oversold than during COVID.
By Maxime Laurent · 2026-02-05 09:12
Bitcoin is more oversold than during COVID.
Yet analysts warn: the pain might not be over, with $68k back on the table.
Here’s the paradox. On many metrics, $BTC is more oversold today than during the March 2020 COVID crash. That’s not something you read lightly. And still, a growing number of analysts are quietly pointing lower, not higher.
From a technical angle, the break below the 100-week WEMA opened the door to a move toward the 200-week WEMA, sitting around $68,000. Historically, that zone doesn’t get tested often — but when it does, it’s never random. It’s usually when confidence is already cracked.
Macro isn’t helping either. Analysts at QCP Capital flag renewed risks: the US government shutdown isn’t solved, just postponed until Feb 13, and tensions around the Federal Reserve are rising with the appointment of Kevin Warsh. Add that to a fragile market, and you get nervous positioning.
Options markets confirm it. Traders are paying up for protection, bracing for higher volatility. No one’s screaming panic — but nobody’s relaxed either. This is that uncomfortable zone where being early feels wrong… and being late feels dangerous.
Oversold doesn’t mean “bottomed”. It means stretched. And stretched markets can still snap once more before they heal. Ambiance lourde. 🫠
#bitcoin #btc #crypto #markets #technicalanalysis #macro #volatility #sentiment
Yet analysts warn: the pain might not be over, with $68k back on the table.
Here’s the paradox. On many metrics, $BTC is more oversold today than during the March 2020 COVID crash. That’s not something you read lightly. And still, a growing number of analysts are quietly pointing lower, not higher.
From a technical angle, the break below the 100-week WEMA opened the door to a move toward the 200-week WEMA, sitting around $68,000. Historically, that zone doesn’t get tested often — but when it does, it’s never random. It’s usually when confidence is already cracked.
Macro isn’t helping either. Analysts at QCP Capital flag renewed risks: the US government shutdown isn’t solved, just postponed until Feb 13, and tensions around the Federal Reserve are rising with the appointment of Kevin Warsh. Add that to a fragile market, and you get nervous positioning.
Options markets confirm it. Traders are paying up for protection, bracing for higher volatility. No one’s screaming panic — but nobody’s relaxed either. This is that uncomfortable zone where being early feels wrong… and being late feels dangerous.
Oversold doesn’t mean “bottomed”. It means stretched. And stretched markets can still snap once more before they heal. Ambiance lourde. 🫠
#bitcoin #btc #crypto #markets #technicalanalysis #macro #volatility #sentiment
Disclaimer: This content is for informational purposes only and not financial advice.