Bitcoin surged past $70,000 on February 6, 2026, rebounding 17% from Thursday's 15-month low around $60,000 amid the prior sell-off triggered by President Trump's Federal Reserve chair nominee Kevin Warsh. The recovery liquidated $2.6 billion in leveraged positions and lifted crypto stocks like MicroStrategy (up 14-21%) and MARA Holdings (up 12%), signaling oversold conditions despite lingering market fears.
Following Thursday's sharp plunge to around $60,000—its lowest since October 2024—Bitcoin recovered strongly, climbing 2.5% over 24 hours to $70,249 by Friday morning. This erased much of the prior day's losses amid $2.6 billion in liquidations, primarily long positions, as $70,000 support broke and futures open interest dropped below $100 billion.
The rebound builds on the sell-off linked to Trump's hawkish Fed nominee Kevin Warsh, with negative funding rates and high volumes (two-year highs). Ether rose 2.2% to $1,926, Solana and XRP gained (XRP +17% to $1.50), while altcoins like Decred surged 31%.
Technical signals supported the bounce: RSI hit deeply oversold levels (third worst historically), prompting short-term reversion expectations. Analyst Paul Howard of Wincent noted, "It would be odd if we did not see at least some short term reversion here." MicroStrategy's Michael Saylor addressed quantum computing risks, boosting sentiment, with analyst Quinn Thompson highlighting community acknowledgment.
Crypto stocks rebounded sharply despite challenges like MicroStrategy's $14.2 billion Q4 loss. Long-term bulls like Sygnum's Fabian Dori see intact fundamentals amid peak fear, though short-term volatility persists.
