Bitcoin $BTC Stabilizes Near $70,000 Following Chaotic Market Correction
As of February 8, 2026, Bitcoin is navigating a volatile path toward recovery, currently trading at approximately $69,962 following a week of extreme market turbulence. The digital asset recently endured a sharp "capitulation event" that saw prices plunge briefly toward the $60,000 mark, effectively erasing many of its gains from the late 2024 post-election rally. Investor sentiment was further tested by a massive operational error at the South Korean exchange Bithumb, which mistakenly transferred over $40 billion in Bitcoin $BTC to users, triggering a temporary 17% flash crash on the platform before nearly all funds were recovered. Despite these shocks, Bitcoin has begun to steady alongside a broader rebound on Wall Street, where the Dow Jones topped 50,000 for the first time. Market analysts note a shift toward synchronized accumulation, with long-term holders stepping in to defend key support levels near $69,000 as the industry looks toward upcoming macroeconomic catalysts.
1 BTC equals
Rs 19,295,963.69
As of 8 Feb, 5:20 am GMT+5 • Disclaimer
8 Feb 2026 5:00 am - 5:20 am
Key Market Insights
Price Recovery: Bitcoin has rebounded from its weekly low of $60,074 to reclaim levels near the $70,000 resistance zone.
Institutional Activity: While spot ETF flows turned negative earlier in the week, significant accumulation by "whales" holding 10 to 100 BTC has emerged during the dip.
Historical Context: This February has seen a return rate of approximately -17.36%, marking one of the most challenging second months for Bitcoin since 2014.
Upcoming Outlook: Technical signals suggest a potential relief bounce if buyers can successfully defend the $69,000 range, though strong overhead resistance remains around $100,500.
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