2026-02-06 15:59:00
You can always count on the big, round numbers.
We’ve seen it before in bitcoin where it’s all about the numbers with lots of zeros behind them. That was the case again today as bitcoin reached a low of $60,017 before embarking on an impressive rebound to $69,000, or 15%.
The round numbers seem to work particularly well in bitcoin as there are few fundamentals to trade on. So instead, buyers look to hold levels and obvious numbers.
For those who caught the bottom, it has been a nice return in less than a day but in perspective, bitcoin is down badly over the past four months.
bitcoin daily
The good news is that the rally in bitcoin is coming with a bounce in stock markets. The bad news is that the Nasdaq is underperforming the bounce as it rises 0.7% compared to the 1% gain in the S&P 500 and 2.5% gain in the Russell 2000.
Several of the Mag7 names continue to struggle including:
- AMZN -7.9%
- GOOG -3.0%
- META -2.4%
All are among the worst performers in the major indexes today.
On the flip side, Nvidia has surged 6.3% after days of selling. I’d argue that in 2024 and early 2025, its performance was most-closely correlated with bitcoin and crypto in general. That correlation broke more recently but it’s not completely disconnected.
As for crypto, there are the usual rumors of liquidation and that’s likely to have been the case given the magnitude of the moves and the leverage often employed. To retrace yesterday’s move, it would need to get back above $73K and that’s a tall order. However if the bulls can muster it, that would be a very impressive reversal.
We will watch closely into Friday’s finish and through the weekend.
