Bitcoin has dipped below the critical $70,000 mark as of February 10, following a struggle to maintain this support level, which had been pivotal during recent market consolidation. Currently, BTC is trading at approximately $68,979, reflecting a 2% decrease in the last 24 hours.
The ongoing weakness is evident across various timeframes, with losses amounting to 12% weekly, 23% monthly, and nearly 30% year-over-year. This sharp decline follows an all-time high of $126,080 recorded in October 2025, marking a substantial drop of nearly 45% since that peak.
Interestingly, while Bitcoin experiences price pressure, market activity has intensified. Spot trading volume surged by 15.2% in the past day, reaching $52 billion, indicating traders are actively repositioning themselves, either reducing exposure or reallocating capital.
The derivatives market mirrors this trend, with CoinGlass reporting a 4.97% increase in Bitcoin futures volume to $70 billion, while open interest decreased by 1.98% to $45 billion. This combination suggests a rapid closure of positions by traders, outpacing the addition of new leverage, a pattern often indicative of distribution.
Concerns regarding Bitcoin”s recovery potential were echoed by CryptoQuant CEO Ki Young Ju, who stated that Bitcoin is currently “not pumpable.” He argues that the selling pressure is absorbing capital at a rate that prevents any significant price increases.
Ju highlighted that in prior cycles, a $10 billion inflow could enhance Bitcoin”s book value by $26 billion. However, in 2025, despite a staggering $308 billion entering the market, the total market cap fell by $98 billion, demonstrating a breakdown of the typical multiplier effect due to sustained selling pressure.
On-chain data further supports this viewpoint, with contributor Amr Taha noting two significant whale transfers exceeding 5,000 BTC into Binance on February 2 and February 9. Such movements within a single week raise alarms that large holders may be utilizing price rallies to distribute into liquid markets.
Institutional interest appears to have cooled as well. Holdings in U.S. spot Bitcoin exchange-traded funds peaked at around 1.36 million BTC in mid-October 2025, coinciding with the market”s high. By February 9, these holdings had dwindled to roughly 1.27 million BTC, reflecting net outflows of about 90,000 BTC, or 6.6% of total ETF reserves.
From a technical standpoint, the breach of the $70,000 support has shifted the market”s structure. Following multiple failed attempts to reclaim the $71,000 to $73,000 range, this area has now become resistance. The price remains below the 50-day and 20-day moving averages, hindering any upward momentum. The relative strength index is hovering in the 32 to 34 range, signaling an oversold condition without a clear bullish divergence.
After a phase of compression, the price is now clinging to the lower Bollinger Band as the bands widen. Historically, failure to recover the mid-band often leads to further declines. Current volume patterns indicate steady liquidation rather than panic selling, as sell-side surges are not met with substantial rebound activity.
A brief rally towards the $73,000 to $75,000 range may be achievable if Bitcoin can maintain levels above $68,000 to $69,000 and successfully reclaim $71,000. However, a sustained closing above the 50-day average near $79,000 would be necessary to alter the current trend. Conversely, an inability to maintain support at $68,000 would maintain downward pressure, with a potential break below $62,800 opening the pathway to $60,000, where deeper liquidity exists near $58,000.
