"Since roughly December 2025, the bitcoin price has followed a pretty straightforward downward trajectory, falling from levels above $100,000 into a volatile range that has kept traders focused on whether the market has reached a durable floor. Bitcoin price dropped below the psychological mark of $70,000 on Feb. 5, triggering intense selling pressure across spot and derivatives markets. The decline has been driven by macroeconomic uncertainty, institutional derisking, and turbulence in technology stocks that often trade in tandem with crypto risk appetite."
"K33 Head of Research Vetle Lunde pointed to a "vast list of extreme outliers" that accompanied the move, according to reporting from The Block. Trade volumes reached the 95th percentile, while funding rates collapsed to levels last seen during the March 2023 U.S. banking crisis. Options skews rose to readings previously associated with the most intense stress of the 2022 bear market."
Bitcoin has fallen sharply from its October peak and is trading near $66,000 after a sell-off that pushed prices toward $60,000. Since December 2025 the price trended downward from above $100,000 into a volatile range and dropped below $70,000 on Feb. 5, triggering intense selling across spot and derivatives markets. The decline was driven by macroeconomic uncertainty, institutional derisking, and turbulence in technology stocks. Bitcoin has since oscillated between $66,000 and $72,000 while struggling to regain momentum. Research firm K33 described capitulation-like conditions across volume, funding rates, options skews, ETF flows, and an unusually low daily RSI.
Read at Bitcoin Magazine
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