 ▲ Bitcoin (BTC) / ChatGPT-generated image |
After successfully reclaiming the psychological resistance level of $70,000, Bitcoin (BTC) has entered a phase of energy consolidation for further upside, solidifying a short-term rebound trend supported by steady buying interest.
As of February 9 (local time), according to cryptocurrency market tracker CoinMarketCap, Bitcoin is trading slightly higher, hovering around the $71,000 level. Its market capitalization stands at approximately $1.412 trillion, maintaining a dominant share of over 50% of the total crypto market. Trading volume over the past 24 hours reached about $42.5 billion, indicating that investors who exited during the downturn are actively returning to the market. With the current circulating supply at around 19.82 million BTC, the deepening supply shortage is reinforcing downside price rigidity.
Technical indicators are also sending a series of positive signals. The Relative Strength Index (RSI) is holding above the 60 level, confirming that upward momentum remains intact, while the Moving Average Convergence Divergence (MACD) has formed a golden cross, signaling a potential shift toward a long-term upward trend. In particular, the strong support zone established near $71,000 suggests that a former resistance area has transitioned into a solid buying base. Expectations are rising as the possibility of a short squeeze is being discussed, with open interest in the futures market climbing sharply.
The pro-Bitcoin policy stance of President Trump’s administration in the United States and the easing of uncertainty surrounding the nomination of the next Federal Reserve chair have also acted as catalysts for the price increase. As the perception spreads that political risks are already priced in, Bitcoin’s value as a safe-haven asset is being reassessed. Amid continued inflows into spot ETFs by institutional investors, news of additional accumulation by major corporations such as Strategy has fueled interpretations that this rebound marks the opening of a long-term rally toward the $100,000 milestone. Retail investor sentiment has also entered the “greed” phase, accelerating capital inflows into exchanges.
The fact that Bitcoin reserves held on exchanges have fallen to record lows signals the disappearance of selling pressure. Long-term holders are refraining from selling even at current price levels and are instead moving assets into cold wallets while waiting for further appreciation. Bitcoin is no longer merely a speculative instrument; it has established itself as a core asset within the global financial system, overcoming volatility and demonstrating solid growth. Its price action after stabilizing above $71,000 is expected to be a key variable in determining the overall direction of the cryptocurrency market throughout the first quarter.
Backed by two powerful drivers—restricted supply and expanding demand—Bitcoin has laid the groundwork for setting new all-time highs. The network hash rate reaching record levels has further strengthened security, providing investors with greater confidence. The market is now awaiting the point at which the post-halving supply shock will be fully reflected in prices. Despite external economic variables, Bitcoin continues to solidify its position as an independent store of value, maintaining its reputation as the flagship asset of the digital asset market.
Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on this information.