 ▲ Bitcoin (BTC) |
Bitcoin (BTC) has reached a critical inflection point that could define the market’s direction, testing support around the $70,000 level after withstanding historic volatility.
According to real-time data from crypto statistics platform CoinMarketCap as of February 10 (local time), Bitcoin is trading near $70,332, up about 1.43% from the previous day. After a sharp plunge to the low $60,000s, it has staged a steep recovery within a week, reclaiming the psychological $70,000 level. Bitcoin currently maintains a market capitalization of approximately $1.38 trillion and continues its dominance by accounting for more than 50% of the total cryptocurrency market.
In terms of trading activity, Bitcoin’s 24-hour trading volume reached roughly $63.1 billion, underscoring active turnover in the market. This exceeds October’s record volume of $56.4 billion and suggests that large-scale buying flowed in during the price rebound. Notably, a surge in Bitcoin outflows from major exchanges such as Binance and Coinbase indicates a typical accumulation pattern, with large investors moving assets from exchanges to private wallets.
Technical indicator analysis shows that Bitcoin’s weekly Relative Strength Index successfully rebounded from the oversold zone around 30, signaling a strong trend reversal. The successful defense of the 200-week simple moving average support near $60,000 served as a key driver of the current rally. Experts suggest that if Bitcoin decisively breaks above the $72,000 resistance, a full-fledged upward wave aimed at setting a new all-time high could begin within the first quarter.
Fund flows in the exchange-traded fund market are also showing positive changes. The recent streak of net outflows from spot Bitcoin ETFs has eased, with signs of a return to net inflows led by products such as BlackRock’s IBIT. As institutional investors use price pullbacks as buying opportunities, downside rigidity in the market has strengthened, contributing to improved sentiment across the broader crypto market.
Bitcoin is now locked in an intense tug-of-war around the $70,000 level, poised to usher in the opening of a new bull market. Despite persistent macroeconomic uncertainty, Bitcoin is demonstrating its value as digital gold, showing differentiated movements compared with traditional assets. Investors are closely watching upcoming consumer price index and employment data this week, viewing them as the final variables that could determine Bitcoin’s additional upside.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses incurred based on it. The content should be interpreted solely for informational purposes.*