Overview
- Bitcoin jumped nearly 5% on the CPI surprise to test the $69,000–$70,000 ceiling, with traders eyeing a breakout toward ~$72,000 and support around $66,500–$67,000.
- Derivatives positioning skews bearish, with Binance’s 14‑day funding rate near −0.002 and futures open interest around $45 billion, heightening the risk of a short squeeze.
- CryptoQuant places realized price near $55,000 and MVRV around 1.1, suggesting entry into historically undervalued territory but not a confirmed multi‑month bottom.
- U.S. spot Bitcoin ETFs have logged sustained outflows in recent weeks despite a small single‑day inflow, reducing a key source of structural demand.
- The early‑February slide toward ~$60,000 triggered the largest single‑day realized losses since 2023 and $8.7 billion in weekly losses, with concentrated options and loan thresholds near $60,000 marking a critical downside line.