Bitcoin oscillated between $68,000 and $70,000 on Feb. 10, as the market took a breather from the extreme volatility that has characterized much of February so far. After starting the day trading above $70,500, bitcoin gradually descended to an intraday low of $67,870 around 9:50 a.m. EST. However, the dip was short-lived; the cryptocurrency quickly rebounded, nearly testing the $70,000 threshold once again.

The cryptocurrency’s consolidation around the $70,000 mark since the weekend suggests that the Feb. 6 low of $60,000 may have been the cycle’s local bottom. Analysts suggest the sustained downturn successfully flushed out speculators and weak hands—a theory supported by a significant reduction in market leverage.

At the time of writing, only $220 million in leveraged positions had been liquidated in the past 24 hours, with long bets accounting for roughly two-thirds of that total. For context, this is a sharp decline from earlier in the month, when the market saw liquidations exceeding $1 billion for two consecutive days.

Remarking on bitcoin’s lackluster performance so far in February, Alexis Sirkia, Captain of decentralized Layer-3 Yellow, noted that the market is witnessing a “convergence of macro stress and state-level selling” as global risk appetite fades. He noted that the pressure is compounded by institutional outflows from both bitcoin and ethereum, signaling a wider recalibration. According to Sirkia, the minor recovery seen last Friday ran out of steam over the weekend amid typically thinner trading volumes.

The market narrative has also been shaped by Kevin Warsh, the nominee for Federal Reserve Chair. His comments last week—characterizing emerging tech like artificial intelligence (AI) as a “significant deflationary force”—catalyzed market movement by suggesting a slower pace for interest rate cuts. This outlook bolstered the U.S. Dollar, which in turn put pressure on bitcoin.

Rising tensions between the U.S. and Iran have deepened market uncertainty, pushing capital toward traditional safety nets like gold and U.S. Treasuries. This shift triggered a liquidation cascade that revealed the fragility of a market previously leveraged to the hilt. As Sirkia described it, the market became a “crowded room where everyone rushed for the same narrow exit at once.”

Despite these pressures, bitcoin’s choppy price action has largely mirrored global markets, particularly U.S. indices recovering from last week’s sell-off. The Nasdaq Composite continued to act as a bellwether for bitcoin; despite a see-saw session, it appeared poised to close with losses under 0.5%. The S&P 500 followed a similar trajectory, while the Dow Jones remained the outlier, trading marginally higher.

All eyes are now on the upcoming release of the U.S. Non-Farm Payrolls data and the Consumer Price Index (CPI) later this week. These reports will likely dictate the next major trend for the U.S. dollar, equities, and, by extension, bitcoin.

• Why is Bitcoin stuck near $70K? The price is consolidating after February’s sharp volatility and leverage flush‑out.
• What global factors are weighing on crypto? U.S.–Iran tensions and stronger dollar flows are pushing investors toward gold and Treasuries.
• How are U.S. markets linked to bitcoin?
  Bitcoin’s choppy moves are mirroring Nasdaq and S&P 500 swings, showing tight correlation.
• What data could move prices next? Upcoming U.S. Non‑Farm Payrolls and CPI reports may set the next trend for Bitcoin and the dollar.

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