Bitcoin Under $68K as Liquidations Surge to $1B; $70K Level Key to $60K Test

Bitcoin closed under $68,000 on February 05, 2026, continuing a week-long selloff as global risk assets weaken and traders favoring the low-$60,000 range. Over the past 24 hours, crypto liquidations exceeded $1 billion, wiping about $980 million in leveraged long positions. The price tested below $70,000, a mechanically important level where thinning liquidity could allow momentum to carry further toward the $60,000s. The 200-week moving average is roughly $57,926, historically acting as a bottom in prior cycles. Prediction markets on Polymarket now favor prices at or below $65,000, with probabilities for mid-$50,000 drawdowns rising and six-figure prices fading. US-listed spot bitcoin ETFs posted net outflows this week, and perpetual futures activity thinned as leverage is unwound. Some see the $68K–$70K zone as a critical technical area; a sustained break below could signal deeper consolidation.