February 17, 2026 Bitcoin (BTC) Multi-Cycle Technical Analysis Report: High-Level Volatility, Key Support Faces Challenges

Current Price: $68,256
Market Sentiment: Cautious (Funding rates remain positive but have declined)

I. Key Points Summary
The current Bitcoin market is in a mid-term correction phase with broad oscillations and recovery. On the daily chart, after a bottoming and rebound near $60,000, the price is now facing resistance at the $70,000 round number; the 4-hour chart shows clear box-range consolidation; the 1-hour chart indicates weakening short-term momentum, with the price testing a dense support zone around $68,000. Overall strategy suggestion: monitor the support validity in the $67,500 - $68,000 range; if broken, look for a retest of $65,000 for secondary support.

II. Multi-Cycle Detailed Analysis
* Daily Chart (1D): Trend recovery and key levels
* Price Action: BTC experienced significant volatility in early February, dropping from $73,000 to $60,000 before quickly rebounding. Currently, the price is consolidating around $68,000, attempting to stabilize at the 50% retracement of the previous decline.
* Key Levels:
Resistance: $70,500 - $71,500 (recent multiple attempts to break higher with pullbacks).
Support: $66,200 (February 12 low) and $62,700 (strong support).
* Viewpoint: The daily chart has not yet formed a clear bullish trend, mainly showing a rebound from oversold conditions with sideways accumulation. Volume has decreased compared to early February highs, indicating a shift to a stock-based game phase.

* 4-Hour Chart (4H): Box-range consolidation, downward shift in center of gravity
* Price Action: Over the past 48 hours, BTC repeatedly failed to break above $70,000, with highs gradually decreasing ($70,939 -> $70,067 -> $69,061), showing heavy selling pressure above.
* Pattern Observation: The price is currently below the midpoint of the consolidation box, with short-term moving averages (EMA20/50) showing signs of a death cross.
* Viewpoint: The 4-hour momentum is bearish, likely to continue testing the lower support of the box in the short term.

* 1-Hour Chart (1H): Increasing short-term correction pressure
* Price Action: Over the past 12 hours, the price has been steadily declining from $69,000 to around $68,200.
* Volume: During the decline, volume has spiked locally, indicating short-term bullish confidence has been shaken, with some leveraged positions exiting.
* Viewpoint: The 1-hour chart is in a clear downtrend channel, with short-term support near $67,900.

III. On-Chain and Derivatives Data Reference
* Funding Rate (+0.0021%): Rates remain positive but low, indicating bullish sentiment is becoming more rational, with no overheating risk.
* Liquidation Heatmap ($67,400 / $69,700): About $30 million in liquidation capacity exists near $67,400, which could serve as a short-term downside target.
* Position Distribution ($68,300 - $69,800): A large amount of recent trading volume is accumulated in this range, now turning into a short-term resistance zone.

IV. Overall Trading Strategy
* Short-term Traders: It is recommended to stay on the sidelines for now, waiting for a stabilization signal (such as long lower shadows or volume rebound) after a retest of $67,500 - $67,800 before entering. Set stop-loss below $67,000.
* Medium to Long-term Investors: Maintain a phased accumulation strategy. Currently, the price is in the middle zone on the daily chart; avoid full-position chasing at highs. Consider placing buy orders around $65,000 and $62,000.
* Risk Warning: Pay attention to the linkage effect after the US stock market opens; if the S&P 500 weakens, BTC may also break below $68,000 support.

Disclaimer: This report is for reference only and does not constitute any investment advice. Cryptocurrency markets are highly volatile; investors should make cautious decisions based on their risk tolerance.