TLDR
- Bitcoin surged above $70,000 after hitting a 16-month low near $60,000, lifting the entire crypto market by 7.51% in 24 hours to $2.41 trillion total market cap
- The Fear and Greed Index had reached extreme fear levels of 8 before the recovery, with spot Bitcoin ETFs seeing $330.7 million in net inflows on February 6
- Ethereum held above $2,000 with an 8% gain, while XRP jumped 15% and Solana rose 10% to $88 in the altcoin rally
- The crypto market recovery mirrors gains in traditional markets including the S&P 500 and gold, suggesting a broader relief rally across asset classes
- Bitcoin must hold the $70,000 level to sustain the recovery, with upcoming U.S. CPI data on February 12 expected to impact market direction
The cryptocurrency market jumped 7.51% in the past 24 hours, pushing the total market cap to $2.41 trillion. Bitcoin led the recovery after dropping to a 16-month low near $60,000 earlier this week.
Bitcoin climbed back above $70,000, trading at $70,722 at press time. The world’s largest cryptocurrency now represents 58.71% of the total crypto market cap. This rebound marks an 8% gain in a single day.
The recovery follows extreme market conditions earlier this week. The Fear and Greed Index hit levels of 8, showing extreme fear among investors. Market analysts view such low readings as potential buy signals.
Exchange Activity and Institutional Interest
Spot Bitcoin ETFs recorded net inflows of $330.7 million on February 6. Large investors and exchanges reportedly accumulated Bitcoin during the price drop. This buying activity helped fuel the recovery rally.
Bitcoin ETF Update: IBIT saw +3,289 BTC (~$230M) inflow on Feb 6. US spot BTC ETFs added $330M+, with high volume showing institutional repositioning. AUM ~$97.9B. pic.twitter.com/lptDtQNA8e
— Hudson (@FromTheBigBang) February 7, 2026
The crypto market’s bounce mirrors gains in traditional markets. The S&P 500 and gold both posted gains during the same period. This correlation suggests a broader relief rally across multiple asset classes.
Metaplanet CEO Simon Gerovich confirmed the company’s continued Bitcoin strategy despite recent volatility. The firm maintained its position even as its stock price tracked the crypto market’s moves. Gerovich acknowledged shareholder concerns but expressed confidence in the long-term approach.
Altcoin Performance
Ethereum maintained its position above $2,000 with an 8% daily gain. The second-largest cryptocurrency by market cap held this key psychological level throughout the recovery.
$ETH has reclaimed the $2,000 level for now.
This is the first sign that the local bottom is in for some time.
For more upside, Ethereum needs to break above the $2,100 level, which acted as a support in Q2 2025 and has now flipped into resistance. pic.twitter.com/1qi5QsspfF
— Ted (@TedPillows) February 7, 2026
XRP posted the strongest performance among major altcoins with a 15% increase. Solana rose 10% to trade at $88. Other cryptocurrencies including Cardano, Dogecoin, and Bitcoin Cash also recorded double-digit percentage gains.
XDC Network led the altcoin rally among smaller cap tokens. The token surged 14.56% as buying pressure spread across the market. Zcash gained 10.02% after Vitalik Buterin donated to Shielded Labs to support the Crosslink upgrade.
Market Resistance Levels
The total crypto market cap now sits just below $2.37 trillion. This level represents key resistance that must be broken for the rally to continue. A successful move above this threshold could open the path toward $2.45 trillion.
Bitcoin faces its own critical test at $70,000. Bulls need to establish this level as support rather than resistance. The next price target sits at $75,000 if the current level holds.
Spot demand is coming for $BTC now.
If this accelerates, we might see a short-squeeze here. pic.twitter.com/KYHTiY6wQn
— Ted (@TedPillows) February 6, 2026
A failure to maintain $70,000 could trigger renewed selling. Bitcoin might retreat to $65,000 or lower if buyers lose control. Market participants are watching this level closely.
Upcoming Market Events
The U.S. Consumer Price Index report will be released on February 12. This inflation data could impact crypto prices based on Federal Reserve policy expectations. Traders are positioning ahead of the announcement.
The total crypto market gained $211 billion in value during the 24-hour recovery period. This represents one of the largest single-day increases in recent months. The rebound erased roughly half of the losses from the prior sell-off.
Bitcoin spot ETFs continue to see net inflows of $330.7 million on February 6, showing institutional demand remains present during price dips.
