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Today Technical Analysis: Bitcoin Slides Below $65,000 as Risk-Off Mood Weighs on Crypto Markets

February 23, 2026, 07:04

Today Technical Analysis: Bitcoin Slides Below $65,000 as Risk-Off Mood Weighs on Crypto Markets

Bitcoin Technical Analysis

On Bitcoin’s hourly timeframe, the structure is strongly bearish in the short term. After failing to hold above the $68,600–$68,700 region, Bitcoin experienced a sharp impulsive selloff, breaking below intraday support and falling below $65,000. This breakdown came with a clear expansion in volatility, signaling aggressive selling pressure.

All three moving averages are now aligned bearishly. The 5 and 10-period moving averages have sharply crossed below the 30-period moving average, confirming trend alignment. Price is trading well below all key averages, reinforcing bearish momentum. The MACD reflects strong downside acceleration, with a deep move below the zero line.

Technically, $65,500–$66,000 is now immediate resistance. As long as Bitcoin remains below that zone, sellers retain control. A break below $64,200 could trigger continuation toward $63,000 and possibly $62,000. For any meaningful bullish shift, the cryptocurrency would need to reclaim and hold above $67,000.

Bitcoin 1H Chart

Bitcoin 1H Chart 23-02-2026
Resistance$65,900$66,459$67,742
Support$63,594$62,339$61,352

Gold Technical Analysis

Gold remains in a strong bullish trend on the hourly timeframe. The moving averages (5, 10, 30) are aligned bullishly and slopping upward, signaling strong bullish momentum. Price is still trading above the 30-period moving average, confirming the bullish bias.

MACD is clearly bullish as the MACD line continues to move above the signal line, indicating increasing upside momentum. As long as price remains above $5,000, the uptrend is still intact. An hourly closure below the longer term moving average MA(30) would indicate further declines to previous support $4,950.

Gold 1H Chart

Gold 1H Chart 23-02-2026
Resistance$5,176$5,200$5,235
Support$5,129$5,089$5,053

S&P500 Technical Analysis

Price action shows a short term corrective pullback within a broader intraday range on the S&P500. The moving averages (5, 10, 30) are beginning to roll over, with the short term averages crossing below and converging toward the 30-period moving average, signaling weakening bullish momentum. Price is currently trading slightly below the short term averages, suggesting sellers are controlling the immediate order flow.

MACD confirms this short term bearish shift. MACD line is crossing below the signal line, indicating increasing downside momentum. A clean break below 6,820 would likely open the door toward 6,780. On the upside, buyers need to reclaim $6,900–$6,920 to resume upward momentum. Until then, the intraday bias leans mildly bearish.

S&P500 1H Chart

S&P500 1H Chart 23-02-2026
Resistance6,8826,9046,924
Support6,8476,8226,784
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