Bitcoin hits $60,000 and begins a major rebound as expectations rise for a return to $70,000?
Bitcoin hits $60,000 and begins a major rebound as expectations rise for a return to $70,000?
Bitcoin (BTC) has rebounded at the $60,000 level after an unprecedented downturn, and among investors, cautious optimism is emerging that extreme fear could paradoxically serve as the opening signal for a rally toward $70,000.
On February 6 (local time), Bitcoin plunged intraday to around $60,000 but later recovered to approximately $65,000, recouping part of its losses. On-chain data indicate that this rebound followed a sharp surge in social media mentions predicting further price declines. Market analysts note that moments when public fear reaches an extreme often act as precursors to short-term price rebounds.
This rebound unfolded immediately after the first-ever instance in the crypto market of a single-day price drop exceeding $10,000. Analysts point to mass liquidations of large leveraged positions as the trigger, with roughly $2.2 billion in long positions forcibly wiped out. As speculative demand was flushed from the market, observers suggest that a swift recovery filling the void left by retail investors could make a rebound toward $70,000 feasible.
Market positioning remains sharply divided. Some analysts report that so-called smart money is maintaining net selling positions, while whales and key institutional participants continue to hold buying positions. Although the current rebound may largely reflect a technical reaction following the $2.2 billion liquidation event, still-elevated open interest and stalled funding rates are cited as factors amplifying overall market uncertainty.
From a technical perspective, the possibility of a short squeeze is also being discussed. Traders note that liquidation maps currently show buy-side exposure of only about $100 million compared with sell-side exposure nearing $29 billion, suggesting that downside pressure may already have been largely exhausted. Although Bitcoin remains roughly 48% below its October 2025 peak of $126,000, the heavily skewed short positioning could become fuel for a future price advance.
The digital asset market has inflicted severe pain on investors as asset values have fallen at a faster pace than during the 2022 bear market. Sentiment indicators for Bitcoin and Ethereum (ETH) remain extremely pessimistic, a backdrop that can foster brief relief rallies while retail fear persists. Ultimately, whether Bitcoin can hold above $65,000 and whether open interest declines will be key variables in determining whether this rebound evolves into a $70,000 rally or fades into a mere dead-cat bounce.
*Disclaimer: This article is for investment reference only and does not assume responsibility for any losses arising from investment decisions based on its contents. The information should be interpreted solely for informational purposes.*
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