Bitcoin did something you’d expect from a stubborn plant: it managed to bounce. On 6 February, the blockchain’s mood finally shifted, and the rest of the crypto zoo let out a collective sigh that sounded suspiciously like relief after a long family dinner.
The rebound came after a week of chaos that saw Bitcoin flirt with $60,000, its lowest in months, before buyers stumbled back in, probably after someone whispered, “maybe not.”
As I write, BTC is hovering around $70,300, a 12% jump from intraday lows-like a kid who refused to nap and then woke up just in time for dessert.
That move steadied the market’s nerves and gave a little credibility back to the short-term crowd, who had been selling like they were playing a game of hot potato with a stopwatch.
Bitcoin Reclaims a Key Threshold After Its $60k Meltdown
The price action reads like a relief badge: capitulation, then relief. TradingView shows Bitcoin drawing a long lower wick near the $60,000-$62,000 zone before reversing higher, with volume suddenly deciding to join the party.
Momentum indicators looked exhausted before the bounce. Bitcoin’s RSI drifted into the low 30s, the market version of “I’m tired, I need a coffee”-enough to cause a short-term nap, not a fate-changing turn.
While Bitcoin remains far below its late-2025 glory days, reclaiming the $70,000 mark has quieted near-term fears, like a loud roommate promising to quiet down after a stern text.
Market-Wide Recovery: When Bitcoin Gets a Standing Ovation Everyone Else Stands Too
The bounce in Bitcoin quickly affected the rest of the market. A heatmap from 6 February showed gains across the big names:
- Ethereum rose more than 7%
- Solana gained over 6%
- BNB climbed close to 3%
- Several mid- and large-cap altcoins posted high single- to double-digit rebounds
The synchronized move suggests the recovery was a market-wide repositioning, not a shiny new catalyst for a single asset.
Stablecoins, including USDT, stayed largely flat, suggesting capital was moving back into risk rather than into fresh inflows.
Cycle Indicators Hint At Relief Rally, Not Some Imminent Market Peak
On-chain and cycle indicators look subdued compared with past peaks. The Puell Multiple, a measure of miner revenue stress, sits near 0.71, a level that suggests undervaluation rather than overheating, which is the opposite of a rave.
Pi Cycle Top indicators remain passive, with moving averages still far apart-nice for long walks, not signs of late-cycle fireworks.
Together, these signals imply the rebound is a short-term stabilization after forced selling, not the start of a euphoric new era.
What This Means For The Market
Bitcoin’s recovery has temporarily restored balance after a deleveraging event, easing near-term downside pressure. But volatility stays elevated, and prices are still well below recent highs.
For now, the rebound looks like position resets and short-covering, not a decisive trend reversal. To cement gains, you’d want follow-through buying, better macro conditions, or renewed institutional inflows.
Final Thoughts
- Bitcoin’s rebound above $70,000 has steadied crypto markets after a sharp liquidation-driven sell-off.
- While the recovery has lifted sentiment, indicators point to a relief rally rather than a confirmed return to sustained bullish momentum.
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2026-02-07 00:34