Bitcoin breaks $70K in 8% slide; liquidations near $770M – Feb 2026

Bitcoin slid nearly 8% on Feb. 5, 2026, dropping below $71,000 and briefly approaching the $70,000 level during Asian trading as a global tech-driven de-risking move hit risk assets. The decline accelerated as leveraged positions unwound, with nearly $770 million in crypto derivatives liquidations reported over the past 24 hours.

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Context

Bitcoin entered Feb. 5 after a sustained drawdown, with recent sessions dominated by macro sensitivity rather than crypto-native catalysts. The move also came as technology shares weakened globally, reinforcing the “risk-off” backdrop that tends to pressure high-volatility assets.

Investing.com pointed to a stronger U.S. dollar and rising global bond yields as additional headwinds for risk assets, including crypto. Separately, Economic Times reported that comments attributed to U.S. Treasury Secretary Scott Bessent about lacking authority to instruct banks to buy crypto assets weighed on sentiment.

Details

At 00:28 ET (05:28 GMT), Bitcoin traded at $70,427.1, down 7.6% on the day. Different outlets reported different intraday lows during the same selloff, including a dip “around $69,000” cited by Economic Times and a low near $70,119 reported by ForkLog, while Investing.com’s intraday low was higher.

Losses spread across major tokens as correlation rose during the downdraft. Ethereum fell 7.4% to $2,098.92, XRP dropped 10% to $1.42, and Solana slid about 6% at the time of one widely cited market snapshot. Cardano fell roughly 5% and Polygon about 3.2% in the same window.

Derivatives flows did much of the damage. CoinGlass liquidation data was cited for nearly $770 million in crypto positions liquidated over 24 hours, reinforcing that forced selling and margin calls amplified spot weakness.

Impact

The $70,000 area is a widely watched psychological level, and the market reaction around it has become a key near-term signal for risk sentiment. When price approaches such a level during a leverage flush, intraday volatility often rises as hedges trigger and weak hands exit.

The selloff also fed into crypto-adjacent equities and broader sentiment. One report noted Coinbase shares fell 6.14% and miner BitMine dropped 9.17% during the same risk-off period, while the Nasdaq Composite declined 1.51%, underlining the cross-asset nature of the move.

Commentary cited in the coverage tied the drop to a technical breakdown and a feedback loop between tech equities, ETF flows, and leveraged positioning. ForkLog reported that Vincent Liu, investment director at Kronos Research, linked the move to a break of key support after a failed bounce, and highlighted three pressures: long liquidations, a U.S. tech selloff, and spot ETF outflows.

Next Steps

Traders will focus on whether Bitcoin stabilizes above the $70,000–$71,000 zone, which multiple outlets highlighted as the key near-term pivot for sentiment. If volatility remains elevated, price action may continue to be dictated by liquidation clusters and liquidity conditions rather than narrative catalysts.

ETF flow data is another immediate watchpoint because persistent outflows can tighten market depth and increase sensitivity to macro shocks. At the same time, macro inputs remain central: tech equity direction, U.S. dollar moves, and bond yields are likely to continue steering crypto beta in the short run.

One report also highlighted how fragile sentiment has become. ForkLog also cited Peter Chang, head of research at Presto Research, describing the correction as macro-driven rather than crypto-specific and noting sentiment had fallen to its lowest since the last bear phase.

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P.S. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and make independent decisions.