Bitcoin Analysis for Feb 9: Here Are Recovery Hurdles for BTC Price Amid Short-Term Recovery

Bitcoin is trying to rebound but falling moving averages and strong resistance still limit upside as volatility remains high.

Bitcoin (BTC) is trading at $70,936.57, up about 2.6% in the past 24 hours, after an active session that saw the price swing between a daily low of $69,066.88 and a high of $71,852.35. This range shows volatility is back, with buyers stepping in aggressively near $69,100 and sellers defending the upper band near $71,850.

Market activity looks supportive rather than thin, with 24-hour volume around $45.24B and a market cap near $1.418T. On the chart, Bitcoin climbed steadily from the high-$69,000s into the $70,500–$71,000 zone, then spent much of the session chopping around that pivot. Later, a sharp wick toward $72,000 quickly rejected and snapped back to settle just below $71,000.

If bulls can turn $71,000 into a floor and break the $71,850–$72,000 ceiling, this bounce can grow legs. If not, the rejection zone may invite another rotation back toward the day’s low.

Where’s Bitcoin Headed?

On the TradingView daily chart, the price is hovering just above the $70,000 area after a sharp selloff in early February. This was followed by a strong rebound candle and then tighter sideways candles, signs of stabilization, but not a confirmed trend reversal yet.

Trend indicators still lean bearish because price remains well below the key moving averages. The EMA 50 sits around $84,647.80 and the EMA 100 around $90,326.66, both sloping downward. This typically marks overhead resistance and suggests rallies may face selling pressure as the price approaches those zones. 

For structure, the immediate support to watch is the $70,000 region, while the next resistance sits near $71,400. The broader recovery hurdles then begin at the mid-$80,000s, where the EMA band lives.

Momentum strength is highlighted by the Average Directional Index at 48.43, which signals a strong trend environment. Given price is below falling EMAs and the chart just came off a steep drop, that strong-trend reading currently supports the idea that the dominant force has been bearish, even if a short-term bounce is underway.

Bitcoin’s Rekt Data

Meanwhile, Bitcoin liquidations show a clear shift toward short-side pain across the larger intraday windows. Total liquidations were $233.46K (1H), $5.23M (4H), $117.86M (12H), and $213.54M (24H).

The 1-hour snapshot is the only window dominated by longs, with $201.32K long liquidations versus $32.14K shorts.