Bitcoin ($BTC) has been trading sideways between $60,000 and $70,000 for the past 12 days after a sharp drop on February 5, 2026. While some hope this signals a bottom, caution is warranted.
➤ Volatility warning: On-chain analyst Willy Woo notes BTC entered bear market territory when volatility spiked. Historically, true bottoms follow the 2nd or 3rd smaller spikes—not the first.
➤ Market risks: Weakness in global equities and capital outflows could push Bitcoin lower before any sustainable recovery.
➤ Accumulation check: Glassnode’s Accumulation Trend Score shows large holders are not yet aggressively buying. Past recoveries (Terra-LUNA, FTX) relied on major players stepping in—missing today.
➤ Short-term optimism: Nansen’s options data shows calls at $75,000 outpacing puts, hinting some professional investors are betting on a breakout.
$60,000 is the critical line in the sand. Without strong accumulation, Bitcoin may still fall. Patience beats chasing every dip.
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