Bitcoin Drops 4.7% as Rally Fades, Bear Market Persists
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin slipped 4.7% since Thursday's high, with prices pulling back toward $71,000 as a relief rally fueled by renewed risk appetite and ETF inflows lost momentum.
- Nick Ruck of LVRG Research said ongoing bear market dynamics reinforce caution, singling out the anticipated slowdown in February nonfarm payrolls as a macro headwind keeping crypto vulnerable to renewed downside.
- The Bull Score Index remains deep in bear territory despite the brief bounce, per CryptoQuant data.
- CryptoQuant noted the Coinbase Bitcoin Premium switched from deeply negative in early February to its most positive reading since October, signaling renewed US-based buying interest.
- Selling pressure from traders and long-term holders eased after unrealized losses reached levels not seen since July 2022.
- SwissBlock analysts observed on Friday that momentum is exiting peak negative territory — a transition they said often precedes a regime change.
Why it matters: Bitcoin's 4.7% slide from its Thursday high back toward $71,000 shows the bounce lacked staying power despite the most positive Coinbase Premium reading since October. For traders watching the $74K zone, the Bull Score Index staying deep in bear territory means the next major catalyst — the February nonfarm payrolls report — could decide whether this dip deepens or reverses.
Ask SkimNews
