Bitcoin registered a significant drop last week, reaching around US$60,000 after a decline of approximately 19%. The devaluation did not result from a single catastrophic event, but from a combination of factors that simultaneously pressured the market. Especialistas observe that the digital asset has been gradually recovering and is trading above US$70,000 this Monday, February 9, 2026.
Matthew Sigel, head of digital asset research at VanEck, highlighted that the movement mainly reflects the rapid unwinding of leveraged positions. Open interest in futures contracts fell from US$61 billion to US$49 billion in a few days, representing a reduction of more than 20% in leveraged exposure.
The correction gained momentum with the sale of Bitcoins by miners facing financial difficulties. Esses agents needed to liquidate reserves to maintain operations after redirecting resources to high-performance computing linked to artificial intelligence.
Dismantling of leverage puts pressure on the market
The deleveraging process occurred in a relatively orderly manner, with no signs of forced mass liquidations. The total volume of settlements in the crypto market was between US$3 billion and US$4 billion for the week, with around half concentrated in Bitcoin positions.
This parallel reduction between price and leverage suggests that the market has avoided an uncontrolled unwind. Ainda thus, the exit from speculative positions contributed to amplifying short-term volatility.
Technical indicators point to oversold conditions in the asset. The RSI on futures continuation charts has fallen below 21, an extreme level that historically precedes periods of stabilization.
Miners face financial crunch
Bitcoin miners increased reserve sales to strengthen balance sheets amid falling prices. Muitos directed investments towards artificial intelligence and high-performance computing infrastructure in recent months.
The reduced enthusiasm around AI projects has directly affected these companies. Funding for expansions quickly dried up, forcing Bitcoins to be liquidated to cover operating expenses.
- Additional pressure came from the difficulty in obtaining new capital;
- Companies pivoting to AI have their monetization plans questioned;
- Incremental sale of BTC increased supply at a time of market fragility.
This dynamic created a temporary negative cycle. Traditional Mineradores also adjusted positions to adapt to the new price level.
Artificial intelligence hype loses steam
The weakening of the narrative around artificial intelligence has indirectly impacted Bitcoin. Investidores began to doubt the viability of large infrastructure investments announced by hyperscalers.
Ambitious projects from companies like OpenAI face scrutiny over ability to execute and return. Essa change in perception reduced risk appetite in correlated assets.
Miners who bet on diversifying into AI suffered doubly. The combination of lower Bitcoin prices and more expensive financing limited strategic options.
Quantum computing risks return to discussion
Debates about threats from quantum computing to the security of Bitcoin have gained recent intensity. Especialistas estimate that between 20% and 50% of the Bitcoins in circulation could be vulnerable to future attacks.
Bitcoin Core developers minimize the immediate risk and point out that solutions such as soft forks can be implemented in advance. Ainda thus, the topic contributed to uncertainty among long-term investors.
Shares of companies linked to quantum computing also fell in the period. Esse parallel movement makes it difficult to attribute the entire Bitcoin correction to specific fears about crypto breach.
Cyclical patterns influence market psychology
The four-year cycle continues to serve as an important reference for investors. Historical Picos tend to occur about a year before troughs, with average intervals of 384 days between highs and lows.
The current correction approaches a 50% drawdown from recent highs. Esse level forces reevaluation of positions and investment horizons by participants.
Funding rates in derivatives show stress, but without aggressive short formation. Perpétuos of Ethereum and Solana reached negative rates, a classic sign of exhausted sentiment.
Despite short-term challenges, positioning indicators suggest that a significant part of the risk has already been priced in. Realized volatility remains lower than previous bear markets, which reinforces the view of a healthy correction within the larger cycle.
Analysts from institutions such as Bernstein classify the current scenario as the weakest bear case in the history of Bitcoin. Eles maintain optimistic projections for the asset, with targets above US$ 150 thousand by the end of 2026.
The market demonstrates resilience by absorbing pressures without systemic collapses. The absence of structural flaws or scandals reinforces the growing maturity of the ecosystem.
Recovery perspective gains ground
The combination of negative factors seems to have reached the point of exhaustion. Sigel personally increased exposure to Bitcoin, considering the current washout attractive for horizons of one to two years.
Institutions continue to accumulate at current levels, according to on-chain data. Cohorts of different portfolio sizes show broad accumulation trend for the first time since November.
The crypto market as a whole follows the partial recovery of Bitcoin. Altcoins posts moderate gains after the previous week’s sharp losses.
Experts monitor key technical levels for bottom confirmation. The 200-day moving average, close to US$58,000 to US$60,000, acts as potential support in more pessimistic scenarios.
The drastic reduction in leverage clears accumulated speculative excesses. Esse process, although painful in the short term, usually precedes phases of building solid foundations for new upward impulses.
