Bitcoin slides after bear flag failure — is $63,000 the final line of defense?

Bitcoin has resumed its decline after a failed rebound, slipping nearly 3% in 24 hours and about 38% since mid‑January. After a bounce from $60,100 to $72,100, buyers lost control and the recovery faded. On the daily chart a bear flag formed after the January sell‑off, and price broke below its lower boundary on February 10, confirming the pattern's failure.

Momentum had already weakened: between November 24 and February 8 the price made lower highs while RSI posted slightly higher highs, a hidden bearish divergence that raised the risk of a pullback. On‑chain readings show investors stepping back. Hodler Net Position Change fell from +8,142 BTC to about +5,292 BTC, a 35% drop in accumulation by medium‑ to long‑term holders, while Long‑Term Holder Net Position Change widened from −157,757 BTC to −169,186 BTC, a 7% rise in selling.

HODL Waves also shifted: the 24‑hour cohort rose from about 0.72% to 1.02% between February 7 and 10, increasing fast‑moving supply.

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