Bitcoin Nears $71,000 as Bullish Chart Pattern & Satoshi Wallet Transfer Emerge

Bitcoin increased towards the $71,000 mark on February 9, 2026, after analysts detected a technical sign on the chart and a rare transaction to Satoshi Nakamoto’s wallet. The news is coming at a time when market players are watching Bitcoin’s short-term technical indicators at a key technical area.

At the time of writing, Bitcoin is trading at $70,710, up 1.95% over the last 24 hours, with daily trading volume around $48.3 billion and a market capitalization of $1.42 trillion, according to CoinMarketCap data. Market participants say the price strength reflects growing interest in a potential breakout scenario.

Source: CoinMarketCap

Bitcoin Forms Bullish Cup-and-Handle Pattern

On February 9, crypto analyst Alpha Crypto Signal noted that Bitcoin was currently forming a classic pattern known as the cup and handle on the four-hour chart.

Source: X

Alpha explained that the rounded base formation had already been completed and that the cryptocurrency was currently forming a tight handle defined by sideways movement instead of selling pressure. This pattern is generally considered a continuation pattern and can eventually result in price expansion.

However, Alpha Crypto Signal has cautioned that the pattern’s success depends on the price of the cryptocurrency holding up well above certain short-term price supports. A decisive fall below the neckline could negate the pattern’s bullish bias and lead to a shift in the price’s directional bias to a neutral or bearish stance.

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Mysterious BTC Sent Satoshi Wallet

Meanwhile, another analyst, Crypto Patel, pointed out an unusual transaction that caught the attention of the cryptocurrency community. An unknown sender transferred 2.56 BTC, valued at more than $180,000 at the time, to Satoshi Nakamoto’s original wallet address. The private keys of the wallet are believed to be inaccessible, making any transferred funds permanently out of circulation.

Source: X

However, the reason for these transactions is still unclear. Some believe these transactions may be a tribute to the pseudonymous creator of Bitcoin.

Others speculate that these transactions may be a trial run. Whatever the reason, the incident has once again sparked the debate regarding the origin of Bitcoin and the enigma of Satoshi Nakamoto.

From a market perspective, analysts have noted that the rise in technical indicators and the resurgence of interest in the space are fueling the current trading activity. However, it has also been noted that the cryptocurrency still reacts to overall market volatility.

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