Bitcoin fell as low as $60,000 on Friday, February 6, 2026, causing a loss of confidence in the cryptocurrency market, with widespread sell-offs taking place. Investors were not sure if this was a buying opportunity or just a continuation of a downward trend.
On February, 10, 2026, market intelligence platform Santiment reported that the negative online sentiment about Bitcoin has surged as the cryptocurrency has dropped. The negative posts expressing fear and bearish predictions about the cryptocurrency peaked as the price neared $60,000. This has historically coincided with short-term lows.
Bitcoin Rebounds After Market Dip
However, after briefly hitting $60,001, Bitcoin rebounded significantly, rising by almost 19% in 24 hours. On Saturday, Bitcoin was trading at $71,469. It then corrected to $68,800 on Tuesday. Despite the strong rebound, Bitcoin still fell by over 11.47% for the week.
According to CoinGlass, there are about $1.3 billion in long positions in crypto that were liquidated due to Bitcoin’s fluctuations.
The Santiment chart shows that as Bitcoin fell below $70,000, conversations about it were negative. However, as Bitcoin rallied, conversations about it were positive. The term “buy” or “bought” often correlated with “dip” in conversations, though.
Crypto Market Faces Weak Recovery
The market has not fully recovered from the liquidation wave witnessed in October. The lack of new buying since the beginning of 2026 has worsened the situation.
In the past 30 days, the crypto market witnessed a net outflow of $2.6 billion. This suggests that the sell-off witnessed in the market last week is not being counteracted by new investors.
In previous bull cycles, the price dips attracted more investors to the market. This time around, the price dips have not attracted significant new investors to the market, which is a characteristic of a bear market. Long-term holders and whales have been active, moving large volumes of coins.
Overall market conditions have eased somewhat, making it difficult to absorb the coins being sold. Historical trends show that such conditions often lead to slow momentum and consolidation over the next few months before the market begins to recover again.
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Bitcoin Rally Faces Strong Resistance
According to Ki Young Ju, founder of CryptoQuant, BTC is not yet ready to rally. He stated that “even large inflows don’t help much when selling pressures are high.” He cites past examples: “$10 billion new capital injection added $26 billion in market value in 2024. Last year, we had $308 billion in inflows but lost $98 billion in market cap.
However, the Bitcoin market isn’t yet ripe for a significant push, as corporate buying strategies will not change the market’s sentiment, according to Young Ju.
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