Bloomberg Intelligence strategist Mike McGlone argues that the roughly 45% drawdown in the Bloomberg Galaxy Crypto Index between 2025 and 2026 mirrors the Dow Jones Industrial Average’s slide during the 1929-30 crash and could mark a cyclical low for digital assets. He also notes a breakdown in the crypto-versus-metals ratio and says Bitcoin’s strong 2025 advance may foreshadow weaker relative performance against gold, silver, and other metals into 2026, while Bitcoin trades near $66,981.71 with notable short-term losses.

On Wednesday, February 11, Bitcoin dropped back under $67,000 after rebounding from last week's fall to $60,000, while social media sentiment stayed heavily tilted toward fear. On-chain and market data point to elevated volatility, rising liquidations and comparisons with past bear-market structures, leaving traders divided over whether the latest correction has run its course.

Bitcoin fell under $67,000 after dropping from above $90,000 on January 28, 2026, extending a weeks-long decline. Analyst Ali Martinez highlighted TD Sequential buy signals for both BTC and XRP on February 10, 2026, suggesting a possible rebound could emerge within the next 3–9 days despite recent pullbacks.

Analysts warn Bitcoin could revisit the $55K–$58K area as sustained net outflows from U.S. spot ETFs pressure price and the chart trades below the 50-day moving average. A strong move back above $68K and a return to positive ETF inflows would negate the bearish setup. 10x Research also flags downside toward $52K–$55K if $60K breaks.

Bitcoin is trying to retake $70,000 after a volatile stretch, but repeated failures to hold that level have kept demand fragile. Large holders realized approximately $944 million, $431 million, $1.46 billion, and $915 million in losses on Feb. 3–6, and newer whales now carry an estimated cost basis near $90,000.

Bitcoin’s recent weakness coincides with negative inflows over the past 30 days, with roughly $2.6 billion exiting and a realized profit-to-loss ratio near 0.25. Peak fear often aligns with short-term bottoms, but any rebound would hinge on selling pressure easing and buyer support returning.

On February 11, Bithumb CEO Lee Jae-won faced South Korea's National Assembly over a mistaken transfer of 620,000 Bitcoin, reportedly worth around $40 billion. He said the exchange reconciles ledgers only once a day, while regulators urged real-time checks as 86 users sold 1,788 BTC in 35 minutes before accounts were frozen, causing brief price drops and forced liquidations.

Wallets holding more than 1,000 BTC accumulated about 53,000 BTC over the past week, a haul worth over $4 billion that helped steady prices. Bitcoin rebounded from around $60,000 to the $69,000–$70,000 range, while analysts caution the upswing still lacks broad participation from ETF investors and corporates.