Bitcoin price dips below $70K as analyst calls it unpumpable

Bitcoin price slipped again on Feb. 10 after failing to stay above the $70,000 level, an area that had supported the market through much of the recent consolidation.

At press time, BTC was trading around $68,979, down 2% over the past 24 hours. The weakness extends across all major timeframes, with losses of 12% over the past week, 23% over the last month, and roughly 30% year-over-year.

The pullback has been sharp and persistent. Since reaching an all-time high of $126,080 in October 2025, Bitcoin (BTC) has fallen by nearly 45%. Rather than a single washout event, the decline has unfolded through steady selling.

At the same time, market activity has increased. Spot trading volume jumped 15.2% in the last 24 hours to $52 billion, pointing to active repositioning as traders reduce exposure or rotate capital.

Derivatives markets reflect a similar tone. CoinGlass data shows Bitcoin futures volume rising 4.97% to $70 billion, while open interest slipped 1.98% to $45 billion.

The combination suggests traders are closing positions faster than new leverage is being added, a pattern often seen during periods of distribution.

Selling pressure overwhelms inflows

Concerns around Bitcoin’s ability to stage a recovery were shared by CryptoQuant CEO Ki Young Ju. In a Feb. 9 post on X, Ju said Bitcoin is currently “not pumpable,” arguing that selling pressure is absorbing capital faster than it can translate into price gains.

Ju pointed to a sharp contrast between recent market cycles. In 2024, a $10 billion capital inflow expanded Bitcoin’s book value by $26 billion. In 2025, however, roughly $308 billion flowed into the market while total market capitalization fell by $98 billion. According to Ju, the usual multiplier effect has broken down under the weight of sustained selling.

On-chain data adds weight to that view. CryptoQuant contributor Amr Taha flagged two whale transfers of more than 5,000 BTC into Binance on Feb. 2 and Feb. 9, an uncommon event within a single week.

The first transfer aligned with Bitcoin’s slide from $77,000 to below $70,000 by Feb. 6, raising concerns that large holders may be using rallies to distribute into liquidity.

Institutional demand has also cooled. U.S. spot Bitcoin exchange-traded fund holdings peaked near 1.36 million BTC in mid-October 2025, alongside the market high. By Feb. 9, total holdings had fallen to roughly 1.27 million BTC, implying net outflows of around 90,000 BTC, or 6.6% of ETF reserves.

Bitcoin price technical analysis

From a technical perspective, losing $70,000 has altered the market structure. After several unsuccessful attempts to regain the $71,000–$73,000 range, the level now serves as resistance.

The price is still below the 50-day and 20-day moving averages, which are both limiting attempts at an upward trend. Momentum is still lacking. The relative strength index is in the 32–34 range, indicating an oversold situation without a definite bullish divergence. 

After a period of compression, the price is clinging to the lower Bollinger Band as the bands begin to widen. In similar situations, failing to reclaim the mid-band often leads to further downside. Volume patterns reinforce this outlook, showing steady liquidation rather than panic selling, since sell-side spikes are not met with strong rebound activity.

A brief push toward $73,000–75,000 is feasible if Bitcoin can maintain above $68,000–69,000 and recover $71,000. A sustained close above the 50-day average near $79,000 would be needed to shift the trend.

On the downside, failure to defend $68,000 keeps pressure intact. A break below $62,800 opens the door to $60,000, with deeper liquidity waiting near $58,000.