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Bitcoin rebounded above $70,800 during U.S. trading alongside broader gains in risk assets, prompting optimism from analysts like Bernstein’s Gautam Chhugani. TheBitcoin rebounded above $70,800 during U.S. trading alongside broader gains in risk assets, prompting optimism from analysts like Bernstein’s Gautam Chhugani. The

‘Weakest Bear Case in History,’ Analysts Proclaim

Author: Cryptonews AU

Source: Cryptonews AU

2026/02/10 12:50

3 min read

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Bitcoin recovered to $70,800 after a brief dip to $68,000, fueling a rally in crypto stocks led by Bullish and Strategy.
Bernstein analysts characterised the pullback as the “weakest bear case” in history due to the lack of structural failures or systemic blowups.
Mining difficulty saw an 11.2% drop due to high costs, and miners have capitulated, a technical reset that historically indicates a market floor and easing sell pressure.

Both crypto-linked stocks and Bitcoin (BTC) jumped on Monday during US trading hours, lifting sentiment after an earlier drop.

For instance, Bullish (BLSH) led gains, up about 14.2%, followed by Galaxy Digital (GLXY) up 8.2% and Circle Financial (CRCL) up 5.1%. Strategy (MSTR) rose roughly 3% and Coinbase (COIN) about 1%.

Related: Bitcoin Slump Hits Saylor’s Strategy at the Worst Possible Moment

Equities, Bitcoin Bounce Back

The equity move followed a bounce in Bitcoin to around US$70,800 (AU$99K) after it fell to just above US$68K (AU$96K) earlier in the day. BTC was up about 0.5% over 24 hours, while Ethereum, XRP and Solana were up closer to 1.5%.

Analysts used the rebound to argue the broader bullish setup remains intact. Bernstein’s Gautam Chhugani reiterated a US$150K (AU$211K) year-end BTC target and described the current drawdown as the “weakest bear case” the asset has faced, saying there has been no major structural break or blowup, just another confidence wobble.

What we are experiencing is the weakest bitcoin bear case in its history. When all stars are aligned, the Bitcoin community manufactures a self-imposed crisis of confidence. Nothing blew up, no skeletons will unravel. The media is back again to write an obituary.

Gautam Chhugani, Senior Analyst at Bernstein.

On the technical side, Charles Schwab’s Jim Ferraioli said miner behavior can help confirm when a selloff is washing out. He pointed to Bitcoin’s cost of production as a rough floor in past declines, with weaker miners shutting down and network difficulty dropping.

BTC mining difficulty just posted its largest drop since 2021, suggesting at least some miners capitulated during the slide.

The rebound came as broader risk assets were mostly higher, with the Nasdaq up about 1% and the S&P 500 up about 0.5%. Gold rose 1.9% to US$5.075K (AU$7.1K) an ounce and silver gained 7.4% to US$82.50 (AU$115).

Read more: Bitcoin Rout Triggers After-Hours Bloodbath for Miners as IREN Misses Big

The post ‘Weakest Bear Case in History,’ Analysts Proclaim appeared first on Crypto News Australia.

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