Bitcoin Stages Miracle Recovery: Reclaims $71,000 in Stunning 13% Intra-Day Reversal


 In one of the most volatile trading sessions seen since the 2022 bear market, Bitcoin (BTC) has staged a violent V-shaped recovery, surging over 13% today to reclaim the $71,000 level. The move comes just hours after a panic-induced sell-off saw the asset wick down to near $60,000, trapping bears and liquidating billions in short positions.  

As of 5:00 PM EST on Friday, February 6, 2026, Bitcoin is trading at $71,350, erasing the losses of the previous 72 hours and breathing new life into a market that many analysts had prematurely declared to be entering a new "crypto winter."

The "Bear Trap" at $60,000

The day began in a sea of red. Early Asian and European trading hours were dominated by a "risk-off" capitulation that saw Bitcoin plummet to an intraday low of $60,008. The crash was fueled by a broader rout in technology stocks and concerns over the Federal Reserve’s upcoming policy shift, with over $1.45 billion in bullish positions liquidated in a single morning—the largest washout event of 2026 so far.

"It was total capitulation," said Sarah Wei, head of derivatives at LedgerPrime. "We saw retail panic selling and algorithmic bots chasing the price down. But the moment we touched that psychological $60k support, the order books flipped."

The Catalyst: A Historic Short Squeeze

The reversal began around 10:00 AM EST, coinciding with the opening of U.S. equity markets. As late-arriving bears piled into short positions expecting a break below $60,000, massive buy walls appeared across major exchanges like Binance and Coinbase.

The resulting price action was a classic short squeeze. As Bitcoin pushed back above $64,000, short sellers were forced to buy back coins to cover their losses, driving the price vertically higher. Within four hours, BTC had rallied nearly $10,000, obliterating the bearish setup.

Data from Coinglass reveals that over $800 million in short positions have been liquidated in the last 6 hours alone, adding fuel to the fire.

Institutional "Buy the Dip"

Rumors are swirling regarding the source of the massive buy-side pressure that defended the $60,000 line. Market watchers pointed to heavy volume on institutional OTC (Over-the-Counter) desks, suggesting that large players viewed the crash as a discounted entry point rather than an exit signal.

Attention has also turned to Strategy (formerly MicroStrategy). The firm, which holds over 700,000 BTC, saw its Bitcoin treasury briefly dip into unrealized losses when prices hit $60,000 earlier today. With the price now back above $71,000, the company’s balance sheet is once again in the green.

"The smart money didn't sell," noted crypto analyst Will Clement. "They waited for the leverage to get wiped out and then stepped in. This was a transfer of wealth from impatient retail traders to patient institutions."

Macro backdrop: The "Warsh" Effect?

The volatility is occurring against a backdrop of macroeconomic uncertainty. Markets have been jittery following reports of the potential selection of Kevin Warsh for a key economic role, which algorithms initially interpreted as a hawkish signal for liquidity. However, the resilience of the $60,000 support level suggests that the market may have already priced in the worst-case scenarios regarding interest rates.

Furthermore, despite the recent correction from the October 2025 all-time high of $126,000, the long-term thesis remains intact for many. The "Trump Put"—the expectation that the administration will intervene to prevent a total crypto collapse—appears to still be a psychological backstop for the market.

Outlook: Is the Bottom In?

Technically, reclaiming $71,000 is a significant victory for the bulls. It places Bitcoin back above key moving averages and invalidates the "head and shoulders" breakdown pattern that many traders were eyeing.

"If we close the week above $71,000, this wick down to $60k will look like the ultimate bear trap," said veteran trader Peter Brandt. "It clears the deck of leverage and sets the stage for a retest of $80,000."

However, caution remains. The volatility index (VIX) is still elevated, and the crypto market remains highly correlated with the struggling tech sector (Nasdaq 100). While today’s 13% pump is a massive relief rally, the market is not out of the woods until it can establish support above the $75,000 resistance zone.

For now, the bears are licking their wounds, and Bitcoin has once again proven that it is the only asset class capable of shifting from a crash to a boom in a single trading session.

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