Bitcoin price aims to hold $70K amid rising inflation concerns

Bitcoin just got rejected hard from $76K on Tuesday and crashed below $70K, making traders sweat that the bottom isn't in yet. Chartered market technician Aksel Kibar spotted a bearish wedge pattern forming — same vibes as Dec 2025 to Jan 2026. He dropped this warning: "Breakdown of the lower boundary will be the signal for a possible move towards $52.5K."

Kibar referenced his Jan 18, 2026 X post where he said BTC needs to respect its year-long average as "part of the chop and search for a base." He added that "the pattern can become a rising wedge, usually bearish in an attempt to test $73.7K-$76.5K support area."

Bitcoin's dump below $70K mirrored the bloodbath in US stocks — traders are freaking over crude oil prices, the cost of the US and Israel-Iran war, and how it'll spike inflation. The Kobeissi Letter called out the shift in Fed expectations: "The market now sees a 50% chance of a US Fed rate HIKE by the end of 2026. Just months ago, markets saw as many as four rate CUTS this year."

Glassnode's BTC Options Weekly report confirmed the mood: "Bitcoin has reintegrated its range after a short-lived deviation above the $75K level." Their analysts noted that Bitcoin's "short gamma at $75K has been unwound" and concluded: "Beneath the pullback, the breakout has lost momentum and range conditions are returning."