Bitcoin falls to $69,000 as crypto market shows 'early stages of bottoming'
- - Bitcoin falls to $69,000 as crypto market shows 'early stages of bottoming'
Ines FerréFebruary 10, 2026 at 6:39 PM
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Bitcoin (BTC-USD) hovered near $69,000 on Tuesday as one analyst suggested the cryptocurrency may be approaching a bottom after a recent sell-off.
"We believe crypto markets are in the early phases of bottoming out following last week's record capitulation," Compass Point analyst Ed Engel said in a note Monday night.
Engel pointed to roughly $10 billion in realized losses locked in by investors last week, the second-highest total on record since June 2022.
"These massive capitulation events typically occur in the final stages of a sell-off," he said.
Still, Engel cautioned that crypto downturns rarely produce V-shaped recoveries, warning that bitcoin could retest the $60,000 level and potentially dip as low as $55,000.
Read more about bitcoin's moves and today's market action.
The cryptocurrency is down roughly 45% from its all-time high north of $126,000 in October, when forced liquidations and heavy selling by large holders triggered a so-called crypto winter.
Selling intensified last week as the token fell just below $61,000 and posted its worst daily drop since November 2022. Prices rebounded sharply on Friday and have since traded on either side of the $70,000 level.
Ether (ETH) also slid close to $2,000 on Tuesday, extending its year-to-date losses to about 30%.
On Monday, Bernstein analysts said the "bitcoin bear case is the weakest in its history."
"The current bitcoin price action is a mere crisis of confidence. Nothing broke, no skeletons will show up," Gautam Chhugani and his team wrote.
Chhugani expects bitcoin to reach all-time highs again, with a target of $150,000 by the end of the year.
Bitcoin prices hovered around $69,000 on Tuesday, with one analyst suggesting that the crypto market may be approaching its bottom. (STRF/STAR MAX/IPx) (STRF/STAR MAX/IPx)
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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