Bitcoin is trading at $64,478, down roughly 3% in 6 hours and about 25% for the week, with dramatic liquidations shaking the market. The total crypto market capitalization has shed an astonishing $2 trillion so far this year. BTC dominance sits near 54.8%, reflecting Bitcoin’s continued leadership even in declines.
Current Price and Liquidations
Bitcoin opened Feb. 6, 2026 around $64,478 after testing support near $60,008, marking one of the sharpest downturns since 2024. Liquidations surged to about $1.45B over 24 hours — one of the highest in recent periods, wiping out nearly 311,000 margin positions. Longs accounted for the majority of forced closures, with BTC longs around $739M liquidated. Open interest in futures markets also dropped, amplifying the slide below key technical levels.
Technical indicators reflect extreme pressure, with the daily RSI sitting in oversold territory, suggesting capitulation but also the potential for temporary technical bounces. Immediate resistance is seen near $70K, while crucial support zones lie at $60K and below.
Crypto stocks got hammered too: MSTR down 17%+, COIN 9%, HOOD 7-8%, mirroring BTC's pain amid macro pullback.
Market Context
The sell‑off extends beyond crypto alone. Bitcoin recently fell below price levels seen before the 2024 U.S. election, erasing gains from the post‑Trump rally and contributing to broader risk‑off sentiment across tech and speculative assets.
Spot Bitcoin ETFs have shifted from heavy inflows earlier to significant redemptions in recent weeks, weakening one source of institutional demand and exacerbating price pressure. Some products still attract funds, but the overall flow trend has been outflows.
Meanwhile, analysts highlight macro factors such as a strong U.S. dollar and hawkish expectations around Federal Reserve policy, which tend to make risk assets like Bitcoin less attractive relative to traditional safe havens.
Miner & Corporate Stress
The drop below $70K, already far under the estimated BTC production cost near $87K, has put pressure on mining operations, risking capitulation among smaller players as profitability vanishes.
Corporate holders haven’t escaped the pain. Firms like Strategy, with a 713,502 BTC position, are now grappling with massive unrealized losses due to the price retreat.
Analysts describe Bitcoin’s current phase as capitulation mode, with some warning prices could test even lower key technical supports before a sustained recovery begins. Volatility has spiked as leveraged positions unwind and sentiment shifts to extreme fear territory.
