The crypto market delivered another wild ride today (Feb 6, 2026). Bitcoin dipped to just above $60,000 overnight — its lowest since late 2024 — before bouncing sharply to the $65K–$66.5K range as of now. That's a solid ~5% recovery intraday, but the broader picture remains bearish: BTC is down ~50% from its October 2025 peak near $125K–$126K, with heavy selling pressure persisting.
Key Price Action Highlights:
Low: ~$60,000–$61,000 (tested major psychological & technical support).Current: ~$65,000–$66,500 (up 4–6% today, per CoinMarketCap/CoinGecko live data).Volume & Liquidations: Extremely high — over $2–$2.6B liquidated in 24h (CoinGlass), mostly long positions flushed out. This is classic capitulation behavior: leveraged traders getting wiped, often marking local bottoms in past cycles.
Main Drivers Behind the Move:
ETF & Whale Outflows: Spot Bitcoin ETFs (BlackRock, Grayscale) showing net selling, reversing 2025 inflows.Miner Pressure: Production costs around $65K (electrical lower), forcing sales amid declining revenue.Macro Correlation: Risk assets (tech stocks, equities) under pressure; uncertainty around Fed policy and liquidity tightening weighs on crypto.Sentiment: Extreme fear levels, with RSI hitting deeply oversold territory (most since 2023).
Possible Scenarios Moving Forward:
Bullish Recovery (Moderate Probability): If $60K–$62K holds as support, this could be the capitulation bottom. Short squeezes from cleared leverage often spark quick rebounds — watch for reclaim of $68K–$70K resistance as a bullish signal.Bearish Continuation (Caution Flag): Break below $60K convincingly opens the door to $50K–$40K targets. Prolonged macro headwinds could extend the correction for weeks/months.On-Chain Notes: Long-term holders realizing losses; stablecoin inflows (Tether mints) suggest some dry powder waiting on the sidelines if sentiment flips.
Practical Advice for Traders & Holders:
Avoid FOMO on the bounce — wait for confirmed higher lows.Consider gradual DCA if you're long-term bullish on BTC as digital gold/store of value.Risk management is key: Tight stops, low/no leverage in this environment.Monitor: $60K support (critical hold), $66K–$68K resistance (reclaim = positive).
What do you think — is this the bottom of the correction, or do we see more pain ahead? Drop your analysis in the comments, share charts, or your strategy! Genuine discussion appreciated.
Like & share if this helps navigate the volatility. Stay safe out there!
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