Bitcoin (BTC) failed to sustain prices above $69,000 on February 7, falling back below the November 2021 all-time high that now acts as resistance.
The cryptocurrency's inability to hold gains followed a sharp rebound from $60,000 lows hit earlier in the week, leaving traders divided on whether the weekend bounce represents genuine recovery or temporary relief.
CME Group's Bitcoin futures market created a gap between $77,400 and $84,445 when trading resumed February 2 after the cryptocurrency plunged during the weekend closure.
Bitcoin has since traded roughly $15,000 below the gap's upper bound, with current prices around $68,500 marking a 46% decline from October 2025's $126,000 peak.
Weekend Bounce Faces Skepticism
Keith Alan, cofounder of trading resource Material Indicators, warned traders that "the bottom is not in" despite the rebound from $60,000. Alan described capital preservation as his priority, noting "there is literally no evidence" of a sustained bull market return.
The $69,000 level held particular significance as Bitcoin's previous cycle peak. Analyst Rekt Capital compared current price action to the 2022 bear market, arguing Bitcoin historically produces "multi-month relief rallies" before breaking down into "bearish acceleration."
More than $2 billion in leveraged positions liquidated during the selloff, according to Coinglass data. Bitcoin dropped below $70,000 for the first time since October 2024 before Thursday's violent move to $60,000.
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CME Gaps Draw Mixed Forecasts
CME futures gaps occur when Bitcoin moves significantly while the derivatives exchange is closed from Friday through Sunday. The current $84,000 gap represents one of the largest since March 2020's COVID-19 crash.
Trader Michaël van de Poppe forecast a "continuation to $75,000+" following what he called a correction day. Samson Mow, CEO of Bitcoin adoption company JAN3, questioned "how long" the $84,000 gap would remain unfilled.
However, gap fills are not guaranteed despite historical tendencies. Bitcoin's correlation with traditional risk assets has increased as institutional adoption grows, making macro factors like Federal Reserve policy and government bond yields increasingly relevant to cryptocurrency price action.
Spot Bitcoin ETFs recorded $1.7 billion in outflows over two consecutive weeks through early February, according to CoinShares data. The outflows contrast sharply with 2025's pattern when ETFs purchased 46,000 Bitcoin, CryptoQuant noted.
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