Bitcoin Plunges to $60K Lows: How Much Further Can BTC Fall? – TA February 6, 2026

Source: TradingView

Zooming out into the daily time frame it can be seen that the $BTC price has rejected from the 200-week SMA. This high time frame moving average has generally been support for previous market cycles, with the 2021 cycle dropping beneath in the depths of its bear market. If the price can stay above this moving average, it could be quite bullish.

Below this, at $53,000 is the next decent support level. If $65,000 fails, this would be the next probable target for the bears. It can be noted that this level held support for almost the entirety of the 8-month bull flag in 2024, and support and resistance for the double top of the 2021 bull market.

That said, there is one more reason for the $BTC price to get down there, and that is because it marks the extent of the measured move out of the bear flag.

In the indicators at the bottom of the chart, the Stochastic RSI is approaching bottom again, while the RSI is coming down to oversold territory that was last reached deep in the 2021 bear market.

Finally, if there is to be one last attempt by the bulls to extricate themselves from this bear market reversal, it would be that the price would have to end this week back above the $69,000 major support/resistance level. As already mentioned, it is likely that the price would come back to this level in order to confirm the breakdown. Could the bulls push the price up that little bit further and achieve a weekly close above? We have a couple more days to find out.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.