Bitcoin Tests Key Resistance: Is a Fifth Wave Drop Coming?

TLDR

Table of Contents

Bitcoin holds above $62,594 support while testing $65,609–$68,457 resistance.
Analysts watch for a five-wave decline on lower time frames.
Bitcoin fell to $63,019 before rebounding toward $64,044.
Gold and silver posted gains in 2026 while Bitcoin remains down 27%.

Bitcoin is once again approaching a decisive level as it trades near key resistance between $65,609 and $68,457. After holding support above $62,594 for weeks, the market remains locked in a sideways range.

Analysts are now watching lower time frames for a possible five-wave decline that could signal renewed downside pressure, while macro concerns and shifting capital flows continue shaping sentiment across crypto markets.

Bitcoin Tests Resistance as Analysts Monitor Five-Wave Risk

Bitcoin is trading near key resistance after rebounding from recent lows. The price fell to $63,019 before recovering toward $64,044. It continues to hold above the $62,594 support level tracked for weeks. However, the broader structure remains sideways.

Price has moved between clear support and resistance for several weeks. The main resistance zone stands between $65,609 and $68,457. More Crypto Online said Bitcoin appears to have formed a local low. Still, a clear break above resistance is needed to confirm strength.

$BTC
Bitcoin appears to have formed a local low and is now moving toward the first resistance zone between $65,609 and $68,457. The support we’ve tracked for the past three weeks continues to hold, with price staying above $62,594. As long as that level remains intact, the… pic.twitter.com/1sSwdqUEMm
— More Crypto Online (@Morecryptoonl) February 28, 2026

Meanwhile, analysts are watching lower time frames for a possible five-wave decline. The analyst said such a pattern could signal a larger move down. “A five-wave move on a 15-minute chart does not automatically become a major trend,” the analyst noted. Therefore, traders are urged to respect the range and focus on higher time frame context.

Bitcoin Faces Macro Pressure as Gold Rises

Bitcoin’s recent pullback comes amid broader macro concerns. Investors have shown caution due to persistent inflation and ongoing developments in artificial intelligence. Risk assets have experienced uneven performance as a result.

Long-time cryptocurrency critic Peter Schiff commented on the price movement. In a social media post, Schiff compared Bitcoin’s decline with gains in precious metals. He stated that gold added $94 to close at $5,278, marking its highest weekly and monthly close.

Gold closed up $94 today, at $5,278, its highest weekly and monthly close ever. Silver closed up $5.50, at $93.66, its highest monthly close ever. So far in 2026, gold is up 21.5% and silver is up 30%. In sharp contrast Bitcoin is down 27%. This divergence will continue all year.
— Peter Schiff (@PeterSchiff) February 27, 2026

Schiff also said silver added $5.50 to close at $93.66, its highest monthly close. He reported that gold and silver have gained 21.5% and 30% so far in 2026. In contrast, he said Bitcoin is down 27% this year.

Schiff predicted that the divergence between Bitcoin and precious metals may continue. His comments reflect ongoing debate between digital asset supporters and traditional safe-haven advocates.

Altcoins Show Early Signs of Structural Shift

While Bitcoin trades within a range, some altcoins are showing structural changes. Market observers report that several assets are forming higher lows after extended correction phases. Trading ranges are also expanding instead of compressing.

BlackCat Trading Mindset noted that former resistance zones are being absorbed gradually. This behavior can occur during early accumulation stages. However, the group stated that this does not confirm a full altseason.

Source: Binance

The report said that early rotations can fail without sustained liquidity. Broader growth usually requires expanding volume and consistent capital inflow. At present, participation appears selective rather than widespread.