Has the Bitcoin Reset Ended, and Is $70,000 the Real Bottom?
Bitcoin (BTC) is attempting to regain stability above the $70,000 level after a sharp drop, but market interpretations remain divided over whether this correction marks the end of a “reset” or a precursor to further volatility.
According to cryptocurrency-focused outlet Bitcoinist on February 10 (local time), Bitcoin plunged to $60,000 last week before rebounding quickly and is now seeking price equilibrium in the low $70,000 range. However, despite the recent stabilization, a combination of reduced leverage, whale activity, and derivatives indicators suggests that a cautious wait-and-see sentiment persists rather than a clear recovery phase.
The core driver of this volatility has been large-scale deleveraging. On-chain data show that a large wallet, dubbed the “Hyperunit whale,” moved roughly $340 million worth of Bitcoin to Binance and began selling. This wallet reportedly incurred losses of about $250 million during the liquidation of Ethereum positions, and its Bitcoin holdings, which once exceeded $11 billion, have now declined to approximately $2.2 billion.
Clear signs of deleveraging are also evident in the derivatives market. Bitcoin open interest fell from around $61 billion to about $49 billion, indicating that the primary driver of the price adjustment was the unwinding of existing leverage rather than an increase in new short positions. While this has helped ease short-term downside pressure, it has also weakened the momentum needed to drive a trend, leaving the market without clear direction.
Prices are fluctuating between $70,000 and $71,000 during Asian trading hours. Both trading volume and momentum have slowed, and indicators such as the MACD and RSI do not point to a clear buying or selling advantage. Some observers argue that this cleansing process has removed excessive risk and formed a healthier base, while others urge caution, citing past instances where similar rebounds ended as bull traps. The market views the $60,000 area as a key support level and the $73,000–$75,000 range as resistance that will determine whether the upward trend can continue.
Macro conditions and sentiment factors also remain variables. Alongside a rebound in global equity markets, limited inflows into spot Bitcoin ETFs have been observed, but structural debates such as the safe-haven narrative and quantum computing risks persist. While Bitcoin holding above $70,000 suggests that much of the forced correction phase may be complete, analysts increasingly argue that the next move will depend on a recovery in liquidity, the reentry of large investors, and market reactions to upcoming macroeconomic indicators.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely for informational purposes.*
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