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Bitcoin traders are currently fixated on one specific price: $50,000.
Following a severe drop that briefly saw prices dip below $60,000, many are questioning whether we have finally reached the lowest point.
Indeed, Bitcoin’s price did temporarily recover above $70,000, but the consensus remains that there is still skepticism regarding whether this is truly “the bottom.”
Key Takeaways
- Analysts caution that the recent rise to $71,000 could be a “bull trap” aimed at liquidating short positions before revisiting the $50,000 support level.
- Data from JPMorgan shows that Bitcoin has traded below the estimated miner production cost of $87,000, which historically signals capitulation.
- Technical analysis indicates significant support at $67,350, with a breakdown potentially leading to the $43,000 range.
Weekly Close Indicates Vulnerability Despite $70K Recovery
Bitcoin managed to rise to $71,000 as the week began. However, many view this rally with skepticism.
While there was a 7% rebound from last week’s $60,000 decline, volatility around the weekly close is virtually nonexistent. When the market appears too stable following a crash, traders tend to become wary.
Source: Bitcoin Liquidation Heatmap / HYBLOCK
Trader CrypNuevo remarked on X that this entire upward movement seems like a strategic effort to target short positions clustered between $72,000 and $77,000.
If this “recovery” is indeed misleading, bears have a clear target in sight: $50,000.
Miner Costs and Stablecoin Inflows Indicate Caution
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One figure that should raise concerns is $67,000. This is the cost for miners to produce a single Bitcoin.
BTC may soon be trading below that threshold. Historically, the miner production cost serves as a protective barrier, as prices typically do not remain below it for extended periods.
Avg. Bitcoin mining cost was ~$67,704 according to MARA.
Bitcoin is inexpensive here. pic.twitter.com/DvuT8aw13N— CryptoGoos (@cryptogoos) February 8, 2026
If this trend persists, miners may face financial difficulties. When miners capitulate, they often sell their Bitcoin to remain solvent, which adds further selling pressure. This creates a detrimental cycle.
Despite the bleak fundamentals, there is a substantial amount of capital waiting on the sidelines. Stablecoin inflows have recently doubled to $98 billion.
They are poised to invest… just awaiting the opportune moment.
Next Steps: Bitcoin Price Technical Levels to Monitor
Bitcoin (BTC)24h7d30d1yAll time
Traders are facing a pivotal moment as inflation data is released this week. Currently, all attention is on $67,350, which is the support level that is maintaining stability.
If Bitcoin falls below this level, we could see bearish flag patterns that might pull prices down to $50,000. This could represent a potential decline of over 30%.
There is also a bullish scenario to consider. The key figure is $74,434. If BTC can reclaim and sustain a position above this level, it would negate the bearish setup and potentially pave the way back to $80,000.
The post BTC Traders Eye $50K as Possible Bottom: Key Metrics to Watch This Week appeared first on Cryptonews.
