Bitcoin hit the $60,000 mark is a massive technical event, whether it's a "floor" or a "trapdoor" is currently the hottest debate on the charts.
As of today, February 6, 2026, here is the breakdown of the situation:
The State of the Market
Bitcoin has officially entered what many are calling "bear market territory" by traditional definitions.
The Peak-to-Trough: BTC is down approximately 50% from its all-time high of $126,210 reached in October 2025.
The $60k Test: The price did indeed flash-crash toward $60,008 yesterday (Feb 5) before a modest bounce.
Current Price: It is currently oscillating around $64,478 as bulls and bears fight over that $60k support level.
Why Is This Happening?
Several factors have converged to create this "perfect storm":
Massive Liquidations: Over $1.45 billion in leveraged positions were wiped out in 24 hours—one of the largest single-day liquidations in history.
ETF Outflows: After a record-breaking 2025, spot Bitcoin ETFs have flipped to net outflows, with investors pulling billions out since November.
Macro Sell-off: This isn't just a crypto thing; tech stocks (Nasdaq) and even gold have seen sharp pullbacks as investors move into cash and defensive positions.
Is $60,000 the "Floor"?
Technically, $60,000 is a massive psychological and historical support level—it’s essentially the "launchpad" from the 2024 breakout.
The Bull Case: The RSI (Relative Strength Index) is currently in "extreme oversold" territory, which often precedes a sharp "dead cat bounce" or a local bottom.🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀