Bitcoin stabilizes at $ 70,000

After sharp fluctuations last week, Bitcoin stabilized near $ 70,000, which may indicate a cautious recovery in market sentiment. The main crypto asset BTC $70,257.39 Mezo Wrapped BTC -1.20% Market capitalization $39.61 million VOL. 24 hours $2.12 billion fell to $ 60,000 and rose to almost $ 80,000, but the weekend brought a quick rebound to the $ 70,000 zone.

The positive trend has spread to other assets as well: Ethereum ETH $2,120.69 Bridged Ether (StarkGate) -0.15% Market capitalization $50.56 million VOL. 24 hours $1.36 billion exceeded $ 2,000 again, and XRP XRP $1.45 XRP -0.08% Market capitalization $88.21 billion VOL. 24 hours $0.25 billion grew by 25% overnight. By Monday morning, Asian time, BTC was trading at around $ 71,000. Analysts attribute the recovery to the growing risk appetite in global markets and the active accumulation of coins by major players during the recent lows.

An additional factor of uncertainty is the cryptocurrency bill, which is undergoing a key stage of consideration this week. february 10 is called a potential trigger for the market. At the same time, more than 9.3 million BTC remain in the loss zone, the highest figure since January 2023.

Cost models show a gap between the average entry price of short-term investors ($ 94,000) and the real market average ($ 80,100). This creates pressure from newer participants. At the same time, Binance purchased 3,600 BTC for the SAFU insurance fund at an average price of about $ 69,444, which indicates that there is structural demand near current levels.

According to Coinglass, if BTC rises to $ 80,000, short positions worth about $ 5 billion may be liquidated, which could strengthen the upward momentum. Currently, support is forming in the range of $ 60,000−65,000, while resistance is concentrated near $ 75,000. The key test for the market will be to hold the low $ 60,000 zone, where long-term investors have been actively accumulating.