Bitcoin Prices Extend Lower as Leverage Unwinds and Macro Pressures Intensify

Bitcoin extended lower on February 05, 2026, as derivatives liquidations surged and macroeconomic headwinds reasserted, pushing the price below $72,000 for the first time since November 2024. Bitcoin is trading at $71,400, down 6% on the day and about 43% from its October 6 all-time high of $126,080, according to CoinGecko. Crypto liquidations in the last 24 hours reached over $654 million, with Bitcoin accounting for 41% of that, or $272 million, per CoinGlass. Long-term holders are reducing exposure amid a divergence from metals and a perceived weakening in the inflation-hedge narrative. “If this corrective phase continues, a move toward the $60,000 area can’t be ruled out,” said Georgii Verbitskii of TYMIO. February is expected to be a challenging month as the market remains in a phase requiring patience before conditions stabilize and flows normalize. Analysts note that prices are in oversold territory, and a stabilization would be signaled by leverage compression, ETF outflow moderation, and spot demand absorbing supply, with a potential fade in further downside as conditions improve.