Bitcoin rebounded sharply on 6 February, climbing approximately 12% to $70,300 after briefly dipping to around $60,000. The recovery stabilized crypto markets and triggered broad-based gains across major digital assets, including Ethereum and Solana. On-chain data suggests the move reflects a short-term relief rally following a liquidation-driven sell-off, rather than a shift to sustained bullish momentum.
Bitcoin staged a significant rebound on 6 February, helping stabilize crypto markets after one of the steepest recent drawdowns. The recovery followed a violent sell-off that saw Bitcoin briefly touch around $60,000, its lowest level in months.
Trading data shows Bitcoin printed a long lower wick near the $60,000–$62,000 zone before reversing higher. Momentum indicators like the RSI had dipped into the low 30s, signaling oversold conditions before the rebound.
The stabilization quickly fed through to the rest of the market, as shown by a crypto market heatmap. Ethereum rose more than 7%, while Solana gained over 6% and several other altcoins posted substantial rebounds.
On-chain and cycle indicators remain subdued relative to historical market peaks. The Puell Multiple, a measure of miner revenue stress, sits near 0.71, a level typically associated with undervaluation.
For now, the rebound reflects position resets and short-covering, not a decisive trend reversal. Sustained upside would require confirmation through follow-through buying or renewed institutional inflows.
