TechFlow News, February 9: Matrixport stated that Bitcoin is attempting a counter-trend rebound following a capitulation sell-off. This recent downturn has flushed out fragile positions from the market and triggered passive selling pressure and cascading liquidations in the derivatives market. Technically, there remains near-term upside potential; however, whether this rally can be sustained hinges on whether fresh capital enters the market—not merely on short-covering or mechanical hedging flows.
Analysts note that Bitcoin remains in a broader bear-market reset phase. Sharp rallies are not uncommon during this stage, yet they often lack staying power. On-chain data continues to reflect a relatively fragile environment—evidenced by weakening demand momentum and limited structural accumulation. Meanwhile, hedging activity in the options market has intensified, further amplifying market volatility. Should spot market absorption remain weak, prices become more prone to gap-down moves, and the influence of derivatives on Bitcoin’s price will correspondingly increase.
