On February 9th, Bitcoin began to recover after last week's "sharp drop—stampede" trend, with a daily increase of over 2%, bringing the price back above the $70,000 mark. Previously, it had dipped to a low near $60,000, causing market sentiment to shift from a buying spree to a wait-and-see approach.
Liquidation Data: Nearly 90,000 Forced Liquidations in 24 Hours, Losses Around $347 Million
The deleveraging in derivatives is still the main theme of this volatility. Coinglass data shows that in the past 24 hours, about 90,000 traders in the crypto market suffered liquidations, with a total liquidation amount of approximately $347 million, reflecting how high-leverage positions are quickly cleared under extreme fluctuations.
Institutional Views: More Like Technical Recovery After "Sell Pressure Exhaustion"
Several market observers characterize this rebound as a technical recovery rather than a trend reversal. Noelle Acheson, author of "Crypto is Macro Now," believes the upward move is more akin to a recovery following a retreat of selling momentum. Damien Loh, Chief Investment Officer at Ericsenz Capital, also pointed out that there is significant support in the $60,000 area, but warned against expecting a quick return to previous highs in an environment where the overall risk appetite remains cautious.
What's Next: Watching for Key Support and Risk Appetite's "Second Confirmation"
From a trading structure perspective, if the price can stabilize above $70,000 and reduce the frequency of liquidations, the rebound may attract more following funds. Conversely, if it falls back into the critical range, the market might re-enter a "deleveraging—volatility amplification" cycle. The recent increase in overall volatility in risk assets also makes the crypto market more susceptible to macro sentiments.
