The price of bitcoin extended its steep decline today after a months-long slide that erased more than half of its value from its October peak, the price of bitcoin is now trading near $66,000 following a sharp selloff that pushed prices to $60,000.
Since around December 2025, the price of bitcoin has followed a straight downward path, dropping from levels above $100,000 to a volatile range that has kept traders focused on whether the market has reached a plateau.
Bitcoin price fell below the $70,000 psychological mark on Feb. 5, causing strong selling pressure in all derivative and derivative markets. The decline is due to macroeconomic uncertainty, institutional pressures, and turmoil in technology stocks that often trade in tandem with crypto risk appetite.
Since the sell-off, Bitcoin price has struggled to regain strength, hovering around the $66,000 to $67,000 level while trading fluctuations between $66,000 and $72,000 are still common.
K33: Bitcoin price may be ‘bottoming out’
Research and brokerage firm K33 indicated that this week’s fall to $60,000 is likely to mark the bottom, citing what it described as “capitulation-like conditions” across volume, support rates, option skews, and the flow of traded funds.
K33 Head of Research Vetle Lunde has identified a “massive list of extreme sellers” associated with the move, according to a report from Block. Trading prices reached 95 percent, while financial prices fell to levels last seen during the US banking crisis in March 2023. Options are rising from previous readings associated with the strongest bear market pressure of 2022.
Momentum indicators have also entered a strange place. After persistent sales since Jan. 20, Bitcoin’s daily Relative Strength Index dropped to 15.9, which is one of the best readings since 2015. The RSI measures the speed and magnitude of recent price changes on a scale from 0 to 100, with values below 30 often considered oversold.
Lunde noted that previous extremes in March 2020 and November 2018 were accompanied by a significant downturn in the cycle.
Emotion scales show a similar pattern. The Crypto Fear & Greed Index fell to 6 during the sale, its second lowest level on record, underscoring the depth of distrust as the price of Bitcoin approaches $60,000.
Price action came with what Lunde called “power trading.” Two-day local volume reached $32 billion on Feb. 6, among the highest numbers ever recorded. Feb. 5 and Feb. 6 marked 95 back-to-back volume sessions, a pattern seen only once in the past five years during the FTX crash.
K33 said that days like this are often accompanied by property price extremes, although consolidation and revaluations can follow.
Derivatives markets are like pressure. Annualized daily rates on Bitcoin perpetual swaps fell to -15.46% in Feb. 6, the lowest since March 2023, while the seven-day average for the year’s funding fell to -3.5%, the weakest since September 2024.
The options position has moved into what Lunde described as an “extremely defensive zone,” similar to the times surrounding the Luna collapse, the 3AC hiatus, and the FTX failure.
ETF activity has also improved. BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest daily trading volume on Feb. 5, exceeds $10 billion with 284.4 million shares traded. The same day ranked as the fifth largest daily outflow since the inception of Bitcoin ETFs, contributing to a total weekly outflow of 13,670 BTC despite inflows later in the week.
Taken together, K33 said the range of volatility, volume, yields, skews, and ETF flows support $60,000 as the most likely area. The company expects Bitcoin price to enter a long-term consolidation phase lasting weeks or months, likely between $60,000 and $75,000, with high odds of a retest of support but limited expectations of further declines.
Billions of Bitcoin buys dip
Some long-term industry figures have framed the downturn as an opportunity. Val Vavilov, the founder of Bitfury and an early adopter of the cryptocurrency, said that the recent market has provided an opportunity to balance and add exposure.
“For us, the fall of Bitcoin is an opportunity to rebalance our portfolio and buy a certain amount of Bitcoin at a lower price,” he said in a statement. Bloombergwhile noting Bitcoin remains one part of a broader strategy that now includes artificial intelligence data centers.
Technical analysts remain focused on key levels. After retracement from $60,000, resistance sits near $71,800, with $74,500 representing the Fibonacci retracement level.
Other resistance is near $79,000 and $84,000.
On the other hand, the bulls are watching $65,650 and $63,000 as near-term support, while $60,000 remains very low above the 0.618 Fibonacci retracement at $57,800, according to Bitcoin Magazine Pro data.
At the time of writing, the price of bitcoin is $66,624.
