Bitcoin price soars above $70,000 after days of decline
After plummeting over the past 24 hours, Bitcoin prices rebounded sharply on Friday, briefly peaking above $70,000, up $10,000 from a low of $60,000 in early 24-hour trading.
The move came after several turbulent market sessions in which the leading cryptocurrency broke through key psychological support levels within hours. Bitcoin prices plummeted on Thursday, February 5, following a deterioration in global financial markets, with major stock indexes plummeting and investors exiting riskier assets.
The sudden economic downturn was linked to broader macroeconomic stress, including weak earnings reports and a sharp selloff in tech stocks, leading to a rush to safety among traders.
Bitcoin’s value has fallen to its lowest level since late 2024, according to data compiled on Thursday, indicating growing bearish sentiment among market participants.
Digital assets have fallen more than 40% from their all-time high of over $126,000 set in October 2025, underscoring the severity of the economic downturn.
Additionally, as Bitcoin prices plummeted yesterday, forced liquidations surged, with more than $1 billion in positions wiped out in the past 24 hours, with primarily long bets facing automatic closeouts as BTC broke through key levels.
Cryptocurrency stocks rebound as Bitcoin price recovers
Despite Thursday’s decline, a rebound in Bitcoin prices on Friday took the price from around $60,000 to above $70,000, reflecting a nearly 15% recovery from the intraday low.
Cryptocurrency-related stocks also showed a significant rise. Strategy ($MSTR) stock rose 21% on the day, while Coinbase ($COIN), Circle ($CRCL), and Robinhood ($HOOD) stocks were all up 10% to 15%.
Bitcoin-related stocks also soared, with MARA Holdings (MARA) rising 21.03% to $8.14 and Terrawolf (WULF) rising 19.55% to $14.25. Riot Platform (RIOT) rose 16.54% to $14.05 and Cipher Mining (CIFR) rose 15.47% to $14.66.
Bitmine Immersion Technologies (BMNR) rose 15.43% to $20.08, while Core Scientific (CORZ) rose 10.43% to $16.36. Neptune Digital Assets (NDA) also rose, rising 11.43% to $0.78.
iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF managed by BlackRock that allows investors to gain exposure to Bitcoin without directly owning the cryptocurrency, shattered the day’s volume record with nearly $10 billion worth of shares traded despite a 13% drop in price during the downturn, which allows investors to gain exposure to Bitcoin without directly owning the cryptocurrency.
Bitcoin is currently trading at $70,661.
This post, Bitcoin Price Soars Above $70,000 After Days of Decline, originally appeared on Bitcoin Magazine and was written by Micah Zimmerman.
