Deleveraging Phase: Bitcoin Stabilizes Around $70K After February’s Wild Volatility Flush
Bitcoin is finally catching its breath. On Feb 10, BTC traded in a tight range between $68K–$70K, consolidating after one of the most brutal starts to a month we’ve seen in a while.
After opening above $70.5K, it dipped to a low of ~$67,870 before bouncing right back toward $70K. The weekend consolidation around this level is making many believe the $60K print from Feb 6 was the local bottom of this cycle.
Why? Massive leverage flush. Weak hands and over-leveraged longs got wrecked earlier in the month — we saw $1B+ liquidations on back-to-back days. Now? Only ~$220M liquidated in the last 24h, with longs still taking the majority of the pain. Classic deleveraging cleanup.
Analyst Alexis Sirkia (Yellow L3) sums it up perfectly: we’re seeing “convergence of macro stress + state-level selling” + fading global risk appetite. Institutional outflows from BTC & ETH, thinner weekend volume, and Kevin Warsh’s Fed Chair comments (AI as a deflationary force → slower rate cuts) strengthened the dollar and added pressure.
Geopolitical heat (U.S.–Iran tensions) sent flows into gold and Treasuries → classic risk-off move → crowded leverage exit → cascade.
Still, BTC is moving in lockstep with equities again. Nasdaq & S&P 500 are choppy but only down <0.5%, while Dow stays green.
Next catalysts? U.S. Non-Farm Payrolls + CPI this week. Those prints will likely decide the dollar’s next leg — and BTC right along with it.
What do you think — is $70K the new floor, or are we heading for another test lower? 👀
#Bitcoin #BTC #Crypto #Deleveraging #Macro $BTC $ETH $BNB