Crypto Weekly Technical Analysis: Indecision Remains in Focus

With the close of the second week of February, the cryptocurrency market has once again entered a phase of consistent indecision, leading most of the sector to register lower volatility compared to previous weeks. The dominant neutral bias is limiting the formation of clear directional moves in the short term, and so far none of the major cryptocurrencies has managed to consolidate a meaningful trend. As long as demand fails to show clear signs of recovery, indecision is likely to remain a key factor in the coming sessions.

Performance of Major Cryptocurrencies

Source: Data - StoneX, Tradingview

• The most affected cryptocurrency this week has once again been Solana, a pattern that has been repeating for several consecutive weeks. It is currently down approximately -4.76%, reflecting more pronounced short-term weakness compared to the broader market. In contrast, Ethereum has shown relative stability, posting a modest gain of around 0.07%. While this does not signal a meaningful recovery, it does indicate a better capacity to absorb the dominant selling pressure that developed last week.
   

• Looking at performance over the past ten weeks, the crypto market continues to trade well below the levels seen at the end of 2025, maintaining a dominant bearish bias in the medium term. During this period, Solana stands out again as the most affected asset, down roughly -36.70%, highlighting its higher sensitivity to downside movements. Bitcoin, as the benchmark asset, has declined approximately -22.90%, a smaller drop relative to the broader market, confirming its greater ability to absorb volatility in the medium term.
   

• As the year progresses, all major cryptocurrencies continue to trade below their annual opening prices. Solana again ranks among the weakest, with a decline of -32.54%, while Dogecoin shows relatively better performance, down -18.19%, less than the market average.
   

• Bitcoin, as the primary reference asset, has maintained largely neutral price action compared to the previous week. By the weekly close, it shows a movement of roughly $1,500 per BTC, remaining far from a consistent recovery. The weekly high only slightly surpassed the $70,000 level, while $65,000 continues to serve as a key psychological neutrality level in the short term.
   

• Overall, the week has clearly been marked by indecision in the crypto market, reflecting the lack of a consistent short-term recovery in confidence. Although some cryptocurrencies attempted to recover part of their losses toward the weekly close, these moves remain insufficient to offset the dominant bearish bias established in prior weeks.

Red to green scale – Red for negative correlations and green for positive correlations

Source: Data - StoneX, Tradingview

From a correlation standpoint, major cryptocurrencies have once again shown high coefficients relative to Bitcoin, with values above 0.9, both against BTC and among themselves. This suggests the market is reacting in a highly synchronized manner, reflecting widespread loss of confidence rather than isolated moves in specific assets.

This behavior indicates that the crypto market has realigned, not to sustain a bullish bias, but to extend a common phase of weakness and neutrality. In this environment, even Bitcoin, as the dominant cryptocurrency, has been unable to decouple from the broader indecisive backdrop, reinforcing the likelihood that this phase may persist in the coming sessions.

 

Bitcoin Attempts to Recover, but the Downtrend Remains Dominant

Source: StoneX, Tradingview

Although Bitcoin attempted to reclaim the $70,000 area during some sessions this week, the indecisive bias remains consistent, and the recovery is still insufficient to offset the losses accumulated in previous weeks.

The prevailing downtrend line from the all-time highs continues to represent the most relevant technical structure, with no clear signs of a breakout in the short term. Unless stronger bullish momentum emerges, the bearish pattern will continue to dominate the chart. However, within this structure, short-term corrective rebounds remain possible.

Indicators:

• Both the RSI and the MACD remain below their neutral thresholds (50 for RSI and 0 for MACD), confirming that selling pressure continues to dominate average market behavior. That said, the RSI has begun to show a slightly upward slope, and the MACD histogram is hovering near the neutral zone, suggesting that bearish momentum may be losing strength and giving way to a more pronounced phase of short-term indecision.

Key Levels:

• $84,117 – Key resistance: Aligned with the 50-period simple moving average and near the descending trendline. A sustained move toward this level could challenge the current bearish structure and open the door to a more meaningful bullish bias.
   
• $72,390 – Near-term barrier: A neutrality level aligned with the 15-period moving average, which may act as resistance during potential technical rebounds.
   
• $58,950 – Major support: A level not seen since October 2024 and the most significant downside barrier at present. A sustained break below this area could trigger a more aggressive extension of the downtrend.

 

Solana Remains the Most Affected

Source: StoneX, Tradingview

Solana continues to display the greatest relative weakness, not only this week but also in previous ones. It remains trapped within a dominant bearish trendline, and the recent recovery attempt has been insufficient to signal consistent demand. If selling pressure intensifies again, the downtrend could extend further in the coming sessions.

Indicators:

• The RSI and MACD remain below their neutral levels, confirming the dominance of selling pressure. However, the RSI has started to rebound from oversold territory, suggesting the emergence of short-term buying momentum that could extend current corrective moves. The MACD histogram also reflects a developing phase of indecision.

Key Levels:

• 111.98 – Key resistance: Aligned with the 50-period moving average and near the 23.6% Fibonacci retracement. A sustained breakout above this zone could challenge the bearish structure.
   
• 97.738 – Near-term barrier: A recent neutrality zone that may serve as resistance during short-term rebounds.
   
• 68.893 – Major support: Aligned with recent lows and the main downside barrier. A break below this level could enable a more aggressive bearish trend in the short term.

 

Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25