TechFlow News, February 6: According to The Block, Bitcoin briefly plunged to $60,000—its lowest level in roughly 16 months—while Ethereum dropped as low as approximately $1,750 before rebounding to around $1,890. Both on-chain and derivatives markets simultaneously witnessed large-scale deleveraging, and market sentiment rapidly shifted into a defensive posture. Analysts attribute this downturn to a confluence of factors—including forced liquidation of excessively leveraged long positions, outflows of institutional capital, and broad-based pressure on macro risk assets—triggering a classic “leverage-driven stampede de-risking.” Trading behavior has also shifted markedly: the market has moved away from “buying the dip” toward waiting for trend confirmation. Capital preservation has become a top priority, and rallies frequently encounter selling pressure, further reinforcing short-term downward momentum. Market participants are closely watching the $58,000–$60,000 range for support strength. If price stabilizes within this zone and is accompanied by macroeconomic or industry-specific positive catalysts, a phased recovery remains possible—though confirming such a reversal is expected to take time.
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