Bitcoin’s fall to around $60,000 should be viewed as a two-stage capitulation process rather than a single-day panic bottom, based on on-chain data analysis. The selling did not come from one uniform group, but from different investor cohorts surrendering at different times.
The first capitulation wave happened in November 2025 near $80,000, driven mainly by investors who bought earlier in the cycle and endured a long period of sideways price action. After months without a clear breakout, many exited positions out of exhaustion and loss of conviction. That phase reflected time-based fatigue turning into realized losses.
The second capitulation wave arrived in February 2026, when Bitcoin dropped toward $60,000. This time, selling was split between remaining older holders and newer dip buyers who had entered between roughly $80,000 and $98,000 expecting a bottom. When price continued lower, those newer entrants were forced to close at losses, creating a confidence-driven surrender layered on top of the earlier exhaustion-driven one.
On-chain metrics recorded some of the largest realized losses in dollar terms on record, with short-term holders absorbing the majority of the damage and net realized losses peaking around $1.5 billion per day. At the same time, volumes jumped sharply across spot, ETF, futures, and options markets, signaling broad, high-stress redistribution rather than routine profit-taking.
Instead of defining a precise bottom price, the data points to a bottoming zone built around network cost-basis levels. With two major surrender phases completed and weaker hands largely cleared, the next stage is likely to be consolidation and gradual rebuilding of risk appetite rather than an immediate straight-line recovery.
$BTC bouncing off support — buyers defending the range
LONG $BTC
Entry: $68,500 – $68,900
SL: $67,800
TP1: $69,800
TP2: $70,500
TP3: $71,200
Why?
Price held firm near $68,000 and is pushing higher with increasing volume. Structure shows buyers stepping in at support with higher lows forming. Holding above $68,500 keeps momentum alive for a retest of $69,800 and higher.
Invalidation if BTC closes below $67,800.
Trade $BTC here 👇
{future}(BTCUSDT)
0G Token Surges 2.40% as AI Privacy Stack Launch and Validator Migration Fuel $33M Trading Volume
0GUSDT has seen a 2.40% price increase over the past 24 hours, with the current price at 0.641 USDT on Binance, opening at 0.626 USDT. The positive price movement is likely driven by ongoing promotional campaigns, a partnership with AmericanFortress for launching the AI Privacy Stack, and anticipation surrounding the upcoming validator migration deadline on February 20. Additional momentum stems from ecosystem developments such as the forthcoming 0G Compute Mainnet launch and recent participation at industry events, all contributing to increased trading activity and market visibility. The 24-hour trading volume stands at approximately $33.30 million, with the price ranging between 0.6163 USDT and 0.729 USDT, and a market capitalization estimated between $147.61 million and $174.81 million.
$ETH bouncing off lows — buyers stepping in at support
LONG $ETH
Entry: $1,940 – $1,975
SL: $1,900
TP1: $2,020
TP2: $2,060
TP3: $2,100
Why?
Price found strong bids near $1,928 and is pushing higher with increasing volume. Structure shows higher lows forming with buyers defending the zone. Holding above $1,950 keeps momentum alive for a retest of $2,020 and higher.
Invalidation if ETH closes below $1,900.
Trade $ETH here 👇
{future}(ETHUSDT)