Crypto Market Snapshot (Feb 6, 2026)

The crypto market staged a strong rebound, led by Bitcoin reclaiming the $65,000 lvl after a sharp sell-off triggered massive liquidations. Major cryptocurrencies posted solid gains, with Bitcoin, Ethereum, Solana, BNB, XRP, and altcoins all recovering from intraday lows.

Bitcoin Rebounds After Major Liquidations

Bitcoin briefly plunged toward $60,000, falling as much as 4.8%, before snapping back to a high near $65,900. This recovery followed a steep 13% drop on Thursday, marking Bitcoin’s worst single-day decline since November 2022, during the FTX collapse.

The sudden reversal was driven largely by forced liquidations rather than long-term selling pressure.

$700 Million Wiped Out in Hours

Approximately $700 million worth of leveraged crypto positions were liquidated within a few hours:

$530 million from long positions

$170 million from short positions

This shows traders were hit both during the sell-off and the rebound, highlighting how excessive leverage is amplifying market volatility.

$60,000 Emerges as Key Support

The sharp bounce suggests strong psychological and technical support around $60,000. Spot buyers stepped in aggressively once that level was tested, helping stabilize prices. However, analysts caution that overall market sentiment remains fragile.

Altcoins mirrored Bitcoin’s volatility:

Solana dropped nearly 14% before fully recovering

Other major tokens like ETH, BNB, XRP, ADA, AVAX, and DOGE posted strong rebounds

The rapid price swings underline thin liquidity and ongoing forced selling across the market.

Broader Impact on Crypto Firms

Bitcoin’s drawdown is now affecting crypto-linked companies. Strategy (Michael Saylor’s firm) reported a $12.4 billion Q4 loss, largely due to mark-to-market declines in its Bitcoin holdings.

Bottom Line

Despite the rebound above $65,000, traders say the market is still being driven more by leverage and liquidations than by long-term conviction.Volatility is likely to remain elevated as global markets continue to reduce exposure to high-risk assets.