The price of Bitcoin has again fallen below $68,000 today, Wednesday, February 11, continuing a wave of volatility that began with last week's drop to $60,000.
Despite recovering from the bottom, social interaction data shows that fear remains high, and the market is divided on whether the selling wave has actually ended or not.
According to 'Santiment', pessimistic posts continue to clearly outnumber optimistic ones even after the rebound, indicating that retail traders remain hesitant to buy at current levels, while larger holders find it easier to accumulate during periods of fear.
The company notes that historically high fear may precede rebounds, without asserting that it means a bottom is forming.
In the short term, price action remains fragile.
'Ash Crypto' noted that the break of $67,000 caused the liquidation of about $127 million in long positions within four hours.
At the time of writing, the price of Bitcoin is trading around $67,200, down 2% daily and about 12% weekly, and more than 27% over 30 days, still about 47% lower than the October 2025 peak.
Trading ranges confirm the widening of volatility:
During 24 hours, the price moved almost between $66,600 and $69,900, while the weekly range extended from about $62,800 to $76,500.
As analysts pointed out, the annualized volatility backed by seven days rose to about 1.51 (the highest since 2022), while the 30 and 90-day readings remained lower, suggesting that the recent turmoil has not yet transitioned into a high and sustainable volatility regime.
The bear market rhetoric has resurfaced after Bitcoin's price closed for three consecutive weeks below the 100-week average, a signal that has appeared in previous bear cycles.
The founder of 'CryptoQuant' wrote on February 9 that Bitcoin is not pumpable at the moment, considering that selling pressure limits any upward continuation.
Conversely, others believe that the market may be within a broad consolidation range between $57,000 and $87,000, warning that sideways movement may precede a new downward wave.
