Bitcoin and Cardano Prices Struggle as Market Uncertainty Persists

Bitcoin and Cardano continue to face significant pressure as the broader crypto market remains uncertain, with investors showing caution amid declining prices and weakening momentum. Bitcoin price has been hovering around the critical $70,000 level after falling roughly 2% in the last 24 hours, currently trading near $69,600. This drop has pushed Bitcoin into a historically important demand zone around $60,000–$65,000, a region that has previously acted as strong support during periods of heightened volatility. Market sentiment remains fragile, as the breakdown below the prior $75,000 swing low triggered forced liquidations and further intensified selling pressure.

If Bitcoin fails to reclaim the $70,000 to $70,500 resistance range, analysts warn that the price could retest the $68,000 level. A sustained move below this area may open the door for a deeper decline toward the $65,000 support zone, which is now viewed as a crucial line for bulls to defend. Adding to the cautious outlook, Bitcoin spot ETFs recorded outflows of approximately $318 million between February 2 and February 6, signaling reduced institutional demand. Ethereum spot ETFs also saw notable outflows of around $166 million during the same period, reinforcing the risk-off sentiment across the market.

Meanwhile, Cardano price has struggled even more, falling below the $0.30 mark and losing over 10% in the past week. ADA is currently trading near $0.27, showing only modest intraday gains. Although bearish pressure appears to be easing slightly, Cardano continues to lack strong upward momentum. Technical indicators reflect this indecision, with the Relative Strength Index sitting near 45 and the Chaikin Money Flow hovering close to neutral, suggesting a balance between buyers and sellers.

A major development for Cardano is the sharp decline in open interest, which has dropped from $1.6 billion to around $334 million. This shift highlights changing market dynamics, particularly as Binance’s dominance in ADA open interest has fallen dramatically, with other exchanges such as Gate.io gaining market share. Looking ahead, Cardano faces immediate resistance at $0.30, with a potential move toward $0.35 if bullish momentum returns. However, a breakdown below $0.25 could increase the risk of a deeper decline toward $0.20, keeping traders cautious in the near term.