At 14:00 UTC, Bitcoin traded at $69,313, down 7.9% on the day, as commentators described a capitulation phase and a transition from distribution to a multi‑month reset. Analysts highlighted key levels near $70,000, the mid‑$70,000s, and $78,000–$80,000, with downside risk toward $55,700–$58,200 amid thin liquidity and risk‑off flows.

On February 5, 2026, Bitcoin fell below $70,000, down nearly 8% intraday to roughly $66,700, while ETH dropped under $2,000 and Solana hit $83. Mike Novogratz told Bloomberg he sees a potential bottom and a $70,000–$100,000 range. In contrast, Michael Burry warned of a "death spiral," and John Deaton alleged futures-driven price suppression.

On Thursday, Bitcoin slipped under $69,000 for the first time since Nov. 6, 2024, as analysts highlighted several classic capitulation signals. Heavy losses from short‑term holders, an "extreme fear" reading on sentiment gauges, and Bitcoin’s most oversold RSI levels since the 2022 bear market all suggested that seller exhaustion and a potential price bottom could be approaching. These conditions have historically preceded both short-term weakness and subsequent rebound phases in the BTC market.

On Thursday, Bitcoin slipped under $70,000, touching $67,619 and registering a 15‑month low as markets re‑priced liquidity risks. According to Cryptonews, about $40 billion in open interest vanished in under 48 hours while traders reacted to Kevin Warsh's prospective leadership at the Federal Reserve. Spot ETF assets also fell below $100 billion in Q1, and gold surpassed $5,100/oz.

On Thursday, Bitcoin extended its sell‑off and briefly traded under $67,000, its lowest level since November 2024. Market analyst Hugo Crypto highlighted Stifel’s report projecting a potential move toward $38,000, while ETF data showed net outflows of about 7,925 BTC for the day and roughly 19,090 BTC over the past week.

On 5 February, Bitcoin extended its decline below $70,000, returning to price levels last seen in late 2021 as spot and derivatives markets came under intense selling pressure. BTC traded near $67,400, more than 7.5% lower on the day, while on-chain and volume data signaled forced liquidations, reduced exposure by large holders, and a fragile technical structure around the $70,000–$72,000 region.

On February 5, Bitcoin's derivatives market saw a stark liquidation skew, with $118.63 million in long positions cleared against $4.53 million in shorts over a four-hour span. This 2,618% imbalance emerged as BTC tested the $69,000–$70,000 zone, highlighting a leverage-heavy market under stress and raising the risk of a deeper de-risking move toward lower price ranges.

Bitcoin slid beneath key supports, with the $74K yearly low and the $70K psychological band now in focus as sellers press their advantage. The analysis outlines a potential $70K–$80K consolidation if demand absorbs supply, but a breakdown of $70K could open room toward $63K, while any relief bounce may target $75K and $80K.