Bitcoin has experienced sharp volatility and a notable decline, dropping from levels near $70,000 to a temporary low around $60,000 in early February 2026, before partially rebounding. Currently (as of February 10, 2026), Bitcoin is trading around $68,600 - $68,900, with a daily drop of approximately 2-2.5%, and a weekly decline exceeding 9-10% according to various reports.What happened was a strong correction following a period of prior gains (where it reached historical highs above $126,000 in late 2025), but market confidence has been temporarily shaken
On February 5, the market saw intense selling pressure that broke key support levels, leading to drops of up to 15% in some sessions, with the price briefly dipping below $61,000
This decline raised doubts about the sustainability of the previous upward trend and has been described as a "crisis of confidence" rather than a fundamental failure in the system
Looking at the Liquidation Map on Binance that we discussed earlier—which shows significant accumulation of Long positions above the current price—the recent drop has already triggered substantial liquidations of leveraged long positions
These liquidations contributed to accelerating the decline (cascade effect), as traders are forced to sell automatically when the price hits liquidation levels, generating additional selling pressure
The market is now in a fragile balance: If selling pressure continues and the price drops an additional 10% (toward $62,000 or lower), we could see further large Long liquidations, deepening the downturn
Conversely, if the price rebounds and rises 10% (toward $75-76,000), accumulated Short positions would be liquidated, triggering a strong Short Squeeze that pushes the price higher rapidly
In either direction, the volume of liquidations could approach $3 billion, as we mentioned previously
The main reasons for the current volatility include: Profit-taking after the previous large gains
General concerns in risk markets.
The impact of high leverage in futures contracts on Binance, where most liquidations are concentrated
Right now, the market is watching support levels around $67-68,000; holding above them could lead to a gradual recovery
However, volatility remains high, and traders are strongly advised to practice strict risk management and avoid excessive leverage in these conditions
In short: A violent correction occurred with major liquidations, the price is now relatively stable around $68.7K, but tension persists, and the potential for $3 billion in liquidations from a 10% move remains a very realistic scenario
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