Bitcoin rebounds to $70,000! MicroStrategy soars 26%, Michael Saylor shakes off the downturn and proclaims "LFG" (Let's F***ing Go) to rally investor confidence and boost the crypto market.

Bitcoin, after experiencing a sharp correction in early February, rebounded today to re-enter the critical psychological level of $70,000. Although the market briefly dipped below $61,000, it quickly reversed with a V-shaped recovery supported by institutional buying and on-chain demand, demonstrating strong willingness to “re-enter” the market.
(Previous update: Bithumb’s massive mistake “airdropped 620,000 BTC” to users! Fortunately, 99.7% has been recovered)
(Additional background: Bitcoin recovers to $70,000! MicroStrategy (MSTR) retraces 20%, crypto stocks all rebound)

Table of Contents

• Technical outlook after the V-shaped reversal
• On-chain data: whale accumulation, retail hesitation
• Michael Saylor: LFG!

After intense volatility in early 2026, Bitcoin today (February 7) has once again broken back above the key psychological threshold of $70,000. Looking at this week’s trend, BTC has been under continuous pressure since February 5, briefly falling below $61,000 — the lowest since October 2024 — down more than 44% from the all-time high of $126,000 in October last year.

However, after hitting bottom, the price rebounded rapidly, surging over 10% within 24 hours, reaching a high of $71,458, indicating extremely strong “re-entry” momentum among market participants at the lower levels.

Technical Outlook After the V-Shaped Reversal

Over the past week, BTC’s movement has shown a typical “panic sell-off → strong rebound” pattern:

The price found solid support in the $60,800 – $61,500 range and then quickly bounced back. The $66,900 – $70,600 zone, previously confirmed as a high-confidence support area, has now been successfully reclaimed.

Short-term trend: BTC is currently attempting to hold above $70,000. If it can effectively break through the $73,500 – $74,000 zone, it will resolve the previously formed “head and shoulders” bearish pattern and open upward space. Conversely, if it fails to hold above $68,000, it may retest the $65,000 level again.

Despite a clear pullback from its all-time highs, many mainstream institutions remain long-term bullish. JPMorgan recently indicated that the crypto market sell-off is nearing its end, with signs of bottoming out emerging; Standard Chartered and Bitwise believe the full-year target for 2026 still has a chance to reach $150,000 to $170,000.

On-Chain Data: Whale Accumulation, Retail Hesitation

According to the latest on-chain analysis, the market shows a “whales accumulating on dips, retail investors panicking and exiting,” with chips undergoing a large-scale reshuffle.

There is a significant “supply vacuum zone” between $70,000 and $80,000, meaning that once the price stabilizes above $70,000, resistance is relatively low, favoring a quick rebound. Recently, a whale dormant for 7 months bought 482 BTC at the low point, further confirming whale accumulation intent.

The short-term holder realized price is currently centered around $72,000, which has shifted from previous support to a current short-term resistance. Additionally, Strategy (formerly MicroStrategy) holds 713,502 BTC, with an average cost basis of approximately $76,052. When BTC dipped near $72,000, it faced an unrealized loss of about $2.46 billion.

Since its listing in January 2024, Bitcoin spot ETF net inflows have remained high at approximately $57.7 billion, but from November 2025 to January 2026, these funds have net outflows of about $6.18 billion — the longest continuous outflow since inception.

Notably, about 62% of ETF funds are currently in “unrealized loss,” with an average cost basis around $85,000, over $15,000 above the current price.

Liquidity data shows approximately $1 billion in short positions concentrated below the $80,000 mark. If the price advances further and breaks through $74,000, it could trigger a large-scale short squeeze, creating a secondary acceleration effect. The liquidations around $73,000 and $72,000 during this week’s decline have already been cleared, reducing resistance for subsequent upward movement.

Michael Saylor: LFG!

The world’s largest corporate Bitcoin holder, Strategy (formerly MicroStrategy), is facing a tough test. The company holds 713,502 BTC, with a total purchase cost of about $54.26 billion. After BTC fell below its average cost of $76,052, unrealized losses temporarily expanded to $2.46 billion — the first since October 2023.

More notably, Chairman Michael Saylor seemed to breathe a sigh of relief about Bitcoin’s rebound today. His company’s stock surged 26% overnight, reaching $134, and he posted a message saying “LFG (Let’s fxxking go).”

LFG pic.twitter.com/VwwnHo8cRK
— Michael Saylor (@saylor) February 6, 2026