Bitcoin rebounds from last week’s $62K dip, consolidates near $70K after long liquidation

Bitcoin rebounded from Friday’s low of $62,500 and consolidated at $70,000 after a sharp sell-off flushed a large portion of leveraged long positions and eased downside pressure. The cryptocurrency was trading at $70,839.

In the past 24 hours, Bitcoin rose 2.17%, while Ethereum remained flat, slipping marginally by 0.02%. Among major altcoins, XRP, Tron, Cardano and Hyperliquid gained over 3%, whereas BNB, Solana and Dogecoin fell by up to 1%. The global crypto market capitalisation increased 1.62% to $2.41 trillion, according to CoinMarketCap.

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CoinSwitch Markets Desk said that as forced selling faded, dip buyers stepped in, triggering a rebound. Once the downside selling pressure eased, Bitcoin was able to move higher into zones where a large number of short positions were concentrated between $66,000 and $70,000.

Meanwhile, the CoinDCX Research Team said that after rebounding from the lows, bullish sentiment appears less confident about the next price move. This has kept cryptocurrencies in a tight consolidation range, while market sentiment remains in extreme fear, potentially slowing the pace of recovery.

In the past week, Bitcoin and Ethereum fell 5.66% and 5.57%, respectively. Among major altcoins, XRP, BNB, Solana, Tron, Dogecoin and Cardano declined by up to 14%, while Hyperliquid rose 6.81%.

Market analysis by Vikram Subburaj, CEO of Giottus, said crypto markets steadied after a volatile start to February, with Bitcoin consolidating as macro uncertainty continued to dominate risk sentiment.

Historically, such conditions tend to cap rallies, as investors use rebounds to reduce exposure rather than add fresh risk, while using instruments such as crypto SIPs to gradually accumulate Bitcoin, Subburaj added.

Market perspective

Nischal Shetty, Founder, WazirX

Crypto’s trajectory is largely focused on the global macro movements such as growth concerns and interest rate outlooks, with looming uncertainty as investors continue to shift money to risk-off assets. In India, user behaviour is shifting from pure speculation toward broader use cases as global crypto sentiment witnesses an undercurrent of looking at crypto as “just an asset class” to crypto’s broader utility.

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Riya Sehgal, Research Analyst, Delta Exchange

After a prolonged sell-off, the cryptocurrency market is showing tentative signs of stabilisation. Market sentiment, while improving, is still dominated by fear, and any failure to sustain key support levels, $68,500 for Bitcoin and $1,880 for Ethereum, could reignite bearish momentum. Speculation around possible U.S. government interest in building a digital asset reserve has lifted confidence, but without confirmation, the rally could fade quickly.

Akshat Siddhant, Lead quant analyst, Mudrex

The market is still cautious, and short-term pullbacks remain possible. Ethereum, on the other hand, is showing stronger signs of recovery after reclaiming the $2,000 level and holding it. For Bitcoin, a positive short-term outlook depends on a sustained move above $71,000. Until then, prices may continue to move within a range.