Bitcoin briefly surpassed $71,000, fully recovering previous day’s decline

2026-02-07 by admin

BlockBeats news, February 7th, according to HTX market data, Bitcoin briefly broke through $71,000, currently quoted at $70,953, with a 24-hour increase of 3.45%. The price has rebounded to the platform level from the night of February 5th, fully recovering the previous day’s losses.

Deep Tide TechFlow news, on February 7th, according to CoinGlass data, the total liquidation amount in the cryptocurrency market over the past 24 hours reached $605 million, with long positions liquidated at $228 million and short positions liquidated at $377 million.BTC liquidation amount reached $367 million, and ETH liquidation was $128 million. Over the past 24 hours, a total of 127,587 people were liquidated, with the largest single liquidation occurring on the BTC-USD trading pair on Hyperliquid, valued at $21.3054 million.

PANews reported on February 8th that, according to CoinDesk, "Big Short" Michael Burry stated that the current Bitcoin decline is similar to the 2022 bear market, sparking discussions about the depth of this correction. Burry posted a chart on the X platform comparing BTC's decline from a high of approximately $126,000 to approximately $70,000, drawing parallels with the early decline of the 2021-2022 bear market. In the previous cycle, Bitcoin fell from approximately $35,000 to below $20,000 before gradually stabilizing. Based on similar decline ratios, some market participants believe the theoretical risk range could point to around $50,000, but Michael Burry did not provide a specific target price. The market has also questioned the validity of analogies based on a single historical cycle, with some trading institutions pointing out that patterns formed from only one historical event have limited reference value. The current market environment differs significantly from that of 2021-2022, including institutional liquidity brought by spot Bitcoin ETFs, changes in market leverage structure, and a shift in the macroeconomic environment from an aggressive interest rate hike cycle to one dominated by cross-asset volatility.