Overview
- Bitcoin swung from a low near $60,000 late last week to highs around $71,800 before slipping to roughly $68,500 on Monday, with implied volatility last week briefly topping 97%.
- U.S. spot Bitcoin ETFs recorded net inflows on Feb. 6, breaking a multi‑day outflow streak and signaling some institutional dip‑buying alongside stabilizing risk sentiment.
- Roughly $180 million in short positions were liquidated over the past 24 hours, accelerating the move higher as bearish traders bought back to cover.
- Traders are watching resistance around $72,000–$75,000 and support near $68,500, $67,200 and the $60,000 area, with the 200‑week moving average near $58,000 flagged as longer‑term support.
- Market conviction remains divided, with prediction markets pricing higher odds of a drop toward $65,000 even as policy efforts in the Senate to place digital commodities under CFTC oversight progress.