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Bitcoin Settles In Near $70k After Wild Roller-Coaster Ride
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February 9, 2026
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6:03Now PlayingBitcoin was trading on either side of $70,000 on Monday following a roller-coaster ride at the end of last week.
The original cryptocurrency was little changed at that level following the wide daily swings of more than 13% that undercut investors confidence. Bitcoin on Thursday plunged to $60,033, its lowest since October 2024, before rallying back above $70,000 on Friday. Traders remain on edge. Bloomberg's Zeke Faux discusses bitcoin's wild swings After a relatively quiet start to the week, the two largest cryptocurrencies began sliding again on Tuesday as bearish sentiment weighed on digital assets.
Bitcoin fell as much as 3.5% to $67,878, after hovering around $70,000 over the weekend and slipping below that level on Monday. The original cryptocurrency had nearly touched $60,000 on Friday before rebounding. The token is coming off a particularly bruising week that saw it erase all of its gains since US President Donald Trump was reelected at the end of 2024. The crypto-friendly administration has been seen as a boon for the industry, but Bitcoin recently reached its longest monthly losing streak since 2018.
“Bitcoin is trading just below $70,000 in a cryptocurrency market that appears to be still looking for a clear sense of direction as the shock waves from last week’s selloff continue to reverberate,” said Petr Kozyakov, co-founder and chief executive at Mercuryo. “This has left crypto market analysts trying to read the tea leaves for signs of where the m Despite bouncing back from last week’s lows, markets are showing little risk appetite for the two largest cryptocurrencies. Bearish signals still plague Bitcoin derivatives. Funding rates for Bitcoin perpetual futures have remained below zero, signaling that traders remain positioned for downward pressure.
“Funding rates are heavily negative right now and sentiment on the lesser known names is generally really bad,” said Adam McCarthy, a research analyst at Kaiko.
Both crypto tokens have seen billions in outflows from their exchange-traded funds since the early October crash. Investors have pulled $3.2 billion from Ether ETFs, with $462 million withdrawn just this year. Bitcoin ETFs, meanwhile, have seen $7.9 billion in outflows in the same period, with $1.8 billion of that pulled this year.
“ETH remains in a bearish structure overall after breaking down from the $2,800 to $3,000 range,” said Rachael Lucas, an analyst at BTC Markets. The selloff comes on the back of macro risk-off sentiment and a broader crypto selloff, she added. Bitcoin’s volatile start to 2026 saw the world’s largest cryptocurrency tumble at one point to its lowest level in over a year, wiping out the gains it had made since Donald Trump’s return to the Oval Office.
The downturn extended a slide that began in October, after the digital asset had been propelled higher for much of 2025 by the US president’s pro-crypto agenda. Growing geopolitical tensions and their impact on financial markets has curbed the appetite of risk-taking investors, aiding haven assets such as gold to the detriment of Bitcoin. How bad is it? Bitcoin’s February tumble resulted in a decline of more than 50% from its record-high level of $126,251, a threshold reached just four months earlier. Because Bitcoin is the biggest cryptocurrency, others tend to follow its lead. The overall value of all crypto coins in circulation has also roughly halved since that October peak, equivalent to more than $2 trillion in lost value. The scale of the latest declines is unusual, even for one of the most volatile asset classes. Bitcoin’s 13% slump on Feb. 5 was its largest single-day drop since November 2022, when Sam Bankman-Fried’s crypto exchange FTX collapsed. That was one of the biggest market events in crypto’s history.
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