Following a sharp intraday drop to the low $60,000s, Bitcoin rebounded toward $69,000, liquidating nearly $500 million in short positions, according to CryptoSlate. Glassnode suggests this bounce keeps the price within the $60,000-$69,000 range that has characterized February trading. The move was influenced by a return of cross-market risk appetite, positive spot BTC ETF flows, and normalized positioning and options hedging. Despite the bounce, Glassnode indicates that structural weakness persists, with the market stabilizing rather than recovering. The analysis points to a main demand zone between $60,000 and $69,000, with approximately 9.2 million BTC held at a loss, creating selling pressure. The $69,000 level is critical for framing the move as reclaiming range highs.

Following a sharp intraday drop to the low $60,000s, Bitcoin rebounded toward $69,000, liquidating nearly $500 million in short positions, according to CryptoSlate. Glassnode suggests this bounce keeps the price within the $60,000-$69,000 range that has characterized February trading. The move was influenced by a return of cross-market risk appetite, positive spot BTC ETF flows, and normalized positioning and options hedging. Despite the bounce, Glassnode indicates that structural weakness persists, with the market stabilizing rather than recovering. The analysis points to a main demand zone between $60,000 and $69,000, with approximately 9.2 million BTC held at a loss, creating selling pressure. The $69,000 level is critical for framing the move as reclaiming range highs.