Bitcoin around $68,500 as Chinese New Year raises selloff risk

Bitcoin is trading around $68,500 as traders watch for potential volatility around Chinese New Year, a period that has historically coincided with short-term shifts in crypto liquidity and, in some years, pre-holiday weakness. Coinbase CEO Brian Armstrong said retail users are “buying the dip,” adding that February BTC and ETH balances are equal to or higher than December levels.

That apparent accumulation by long-term holders could help cushion any seasonal selling pressure. Technically, BTC remains below its 50-day simple moving average near $83,900 and has formed a series of lower highs since topping near the mid‑$90,000 range in January.

The RSI sits around 35 after recovering from deeply oversold levels near 20. Immediate support is near $65,000, with stronger support in the $60,000–$62,000 zone; resistance stands near $72,000 and between $76,000–$80,000.

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