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Bitcoin price fell below $68,000 again on Wednesday, February 11, continuing last week’s wave of volatility that saw it fall to $60,000.
Despite bottoming out, social data shows panic remains high and the market is divided over whether the sell-off is truly over.
Santiment said that even after the rebound, pessimism still significantly outperformed optimism, suggesting that retail traders remain reluctant to buy at current levels, while large traders find room to accumulate more easily during times of fear.
The firm said that historically rising fear may precede a rebound, but it was not sure if that meant a bottom was forming.
In the short term, price action remains fragile.
Ash Crypto said the breakout above $67,000 resulted in about $127 million in long positions being liquidated within four hours.
As of press time, the price of Bitcoin is trading around $67,200, down 2% daily, down about 12% weekly, and more than 27% within 30 days, still about 47% below its October 2025 peak.
The trading range confirms the breadth of the swing:
Over the 24 hours, the price fluctuated between approximately $66,600 and $69,900, while the weekly range extended from approximately $62,800 to $76,500.
Analysts also noted that seven-day annualized volatility rose to around 1.51 (the highest since 2022), while 30- and 90-day readings remained lower, suggesting that the recent turmoil has not yet transformed into a sustainably high volatility regime.
Bearish market rhetoric is back in focus after Bitcoin price closed below its 100-week moving average for three consecutive weeks, a sign that has been seen in previous bearish cycles.
The founder of “CryptoQuant” wrote on February 9 that Bitcoin is currently unable to pump, given that selling pressure has limited the continuation of any rise.
Others, on the other hand, believe the market could be in a wide consolidation range between $57,000 and $87,000, warning that a consolidation move could precede a fresh leg lower.
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