TL;DR

Bitcoin fell to $60,001, then rebounded nearly 19% to $71,469 before pulling back to $68,800; it remained down over 11% on the week.
Santiment flagged peak negativity at the bottom and a surge in “buy the dip” chatter, while CoinGlass showed about $1.3B in longs liquidated.
On-chain data show a $2.6B 30-day net outflow and rising whale spending, with CryptoQuant’s Ki Young Ju saying Bitcoin is not “pumpable” now.

Bitcoin’s drop to $60,000 became the biggest dip in more than a year, but it also exposed how conflicted traders are about buying weakness in 2026. The market’s problem is not a lack of rebounds, but a lack of conviction about whether those rebounds are sustainable. After the slide rattled confidence, investors debated whether the move was a classic entry point or the start of a deeper bear phase. Santiment said social sentiment turned sharply negative as BTC approached the bottom, mirroring a familiar pattern where pessimism peaks as price capitulates. The episode underlined how narrative signals can flash “bottom” while positioning data still looks fragile.

It’s not easy to figure out which dip to buy when markets have been as volatile as they in 2026. Our latest insight guides you through several easy-to-read signals that you can rely upon to dip buy when prices go down. Enjoy our latest deep dive! https://t.co/fx2kzLWWbA pic.twitter.com/8aMhuDzNcd

— Santiment (@santimentfeed) February 10, 2026

Sentiment spikes, liquidation shock, and weakening demand

Santiment’s chart showed bearish commentary and fear spiking as Bitcoin slipped toward $60,000, then remaining intense even as price began to recover. Extreme negativity may mark short-term bottoms, but it does not fix the structural demand gap underneath the tape. Bitcoin briefly touched $60,001 on Thursday, then rebounded nearly 19% in under 24 hours, reaching $71,469 on Friday before pulling back to $68,800 by Tuesday. Despite the bounce, it was still down more than 11% for the week. CoinGlass data showed roughly $1.3 billion in long positions across digital assets were liquidated during Bitcoin’s move last Friday, emphasizing how quickly leverage can unwind in both directions.

Santiment also observed that “buy the dip” language surged across social media, with words like “buy,” “buying,” and “bought” appearing alongside “dip.” The key execution risk is that crowd enthusiasm can spike at the same time liquidity is contracting, making timing signals noisy. The platform warned this metric alone is unreliable, particularly during rapid downturns when users post aspirational intentions rather than confirmed flows. That matters because sentiment can swing faster than allocations, and the market’s recent history has conditioned traders to expect snapbacks that may not carry.

On-chain flows, as framed by analyst IT Tech, point to a market still absorbing October’s liquidation shock and struggling to attract stabilizing demand. Net outflows suggest the latest dip was not met by fresh buyers, increasing the odds that upside moves remain corrective. Over the past 30 days, cumulative capital movement showed a $2.6 billion net outflow, with new investor inflows turning negative. The analyst said past bull phases drew new capital faster on pullbacks, but this year’s declines are not bringing meaningful new participation, a pattern associated with early bear-market transitions: contracting liquidity and narrowing participation.

Long-term holders and whales also increased spending activity over the last 30 days at rates exceeding new investor positioning, with outflows rising toward levels seen near previous-cycle peaks. Selling into strength can support a rotation temporarily, but it risks a supply overhang if demand does not expand. The report added demand has slipped into negative territory, weakening absorption capacity. CryptoQuant founder Ki Young Ju said Bitcoin lacks conditions for sustained acceleration, noting that in 2024 $10 billion could translate into $26 billion in market value, but last year $308 billion in inflows coincided with a $98 billion drop in market cap.

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Filed under: News - @ February 10, 2026 5:29 pm