Relief rally? Bitcoin bounces after drop to just below $60,000

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Last Updated on 7 February 2026 by CryptoTips.eu

Is this what we’d call a relief rally? Bitcoin fell to just below $60,000 earlier this week before rebounding very strongly since Friday morning. At the time of writing, Bitcoin is once again trading for $70,000.

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Trump rally

Bitcoin’s fall is making headlines worldwide. The Financial Times, CNBC, and CNN are calling it the end of the so-called Trump rally (the rise in Bitcoin’s price after November 2024) and are wondering where this fall will end. Bitcoin fallen to some 50% below its record high of October last year. On Thursday alone, Bitcoin dropped more than 13 percent to below $70,000.

That was already the biggest single-day drop since the collapse in November 2022, when Sam Bankman-Fried’s global cryptocurrency exchange FTX went bankrupt.

During morning trading in Asia on Friday, the largest cryptocurrency fell another 5 percent to a new low for the year of just under $60,000.

After hitting this level, Bitcoin quickly rebounded, suggesting significant strong support exists around this point.

However, breaking so many key support levels in a single week makes it technically uncertain whether the decline has been halted. February promises to come with a few very exciting days and weeks.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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