# Bitcoin rises slightly, but a drop below $60,000 could push it into the mid-$50,000 range

- Link: https://www.thailand-business-news.com/cryptocurrencies/283992-bitcoin-rises-slightly-but-a-drop-below-60000-could-push-it-into-the-mid-50000-range
- Published: 2026-02-06T11:30:03+07:00
- Author: Li Zhong

Bitcoin experienced a significant plunge in early Asia trading on Friday, falling
as much as 4.8% to US$60,033, reaching its lowest level since October 2024. This
selloff effectively erased all gains booked by the token since United States President
Donald Trump’s 2024 election victory.

However, the cryptocurrency later pared some of these losses, rising by over 2% 
to more than $64,400 by 9:12 am in Singapore.

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 * **Current Price and Performance (as of Fri Feb 06 2026 11:25:01 GMT+0700):**
    - **Spot Price:** The Bitcoin price against the US Dollar fluctuates slightly
      across sources, but the most frequently cited values are around **64,692.00
      USD** (from the main search result) and **64,601 USD** (TradingView). Another
      source mentions **$65,178.14** (Binance) and **$64,039.06** (Revolut).

Other cryptocurrencies, such as Solana, also saw sharp declines before rebounding.
This market downturn is largely attributed to a brutal series of liquidations that
began in October, which significantly sapped market confidence. The selling intensified
this week due to the unwinding of leveraged bets and broader market turbulence, 
with approximately **$2.3 billion of leveraged long bets across all cryptocurrencies
being liquidated within a 24-hour period.**

Rachael Lucas, an analyst at BTC Markets, noted a distinct lack of market appetite
to counter this liquidation-driven selloff. She highlighted that “**repeated failures
to hold support levels have shifted behaviour” and emphasized the critical importance
of Bitcoin maintaining the $60,000 support level, **warning that a failure to do
so could lead to a further decline into the mid-$50,000 range. The market’s volatility
also had a substantial impact on major Bitcoin holders, exemplified by Michael Saylor’s
Strategy Inc, which reported a net loss of $12.4 billion for the fourth quarter,
primarily driven by the mark-to-market decline in its extensive Bitcoin holdings.

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The recent intensification of the cryptocurrency selloff is attributed to several
specific factors:

 * **Brutal Series of Liquidations:** The market has been on the back foot since
   a brutal series of liquidations began in October, which significantly sapped 
   market confidence.
 * **Unwinding of Leveraged Bets:** This week, the selling picked up steam due to
   the unwinding of leveraged bets.
 * **Broader Market Turbulence:** Alongside the unwinding of leveraged bets, broader
   market turbulence also contributed to the intensified selling this week.
 * **Lack of Market Appetite:** Rachael Lucas, an analyst at BTC Markets, noted 
   a distinct lack of market appetite to step in front of this move, particularly
   given its liquidation-driven nature.
 * **Repeated Failures to Hold Support Levels:** Lucas also highlighted that “repeated
   failures to hold support levels have shifted behaviour,” impacting market sentiment
   and trading actions.

The financial metric that quantifies this activity is:

 * Approximately **$2.3 billion of leveraged long bets** across all cryptocurrencies
   were liquidated within a 24-hour period.

Market analysts suggest that the initial drop in Bitcoin’s value may have been triggered
by broader concerns over tightening monetary policies and regulatory scrutiny in
key markets. Despite the rebound, volatility remains high, with traders closely 
monitoring developments in global financial markets. Additionally, other major cryptocurrencies,
including Ethereum and Binance Coin, also saw fluctuations, reflecting a broader
trend of uncertainty across the digital asset space. Investors are advised to exercise
caution as the market continues to respond to external economic pressures and evolving
sentimen