{"id":94202,"date":"2026-02-12T10:33:19","date_gmt":"2026-02-12T07:33:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94202"},"modified":"2026-02-13T11:28:38","modified_gmt":"2026-02-13T08:28:38","slug":"bitcoins-60000-dip-a-local-bottom-says-k33","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoins-60000-dip-a-local-bottom-says-k33\/","title":{"rendered":"Bitcoin&#8217;s $60,000 Dip: A Local Bottom, Says K33"},"content":{"rendered":"<p><a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-60000-support-triggering-billion%e2%80%91dollar-liquidations\">Bitcoin&#8217;s drop to $60,000<\/a> may have marked a local bottom. Analysts at K33 Research <a href=\"https:\/\/k33.com\/research\/articles\/a-strong-case-for-btc-having-bottomed\">observed<\/a> signs of investor capitulation across the spot market, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETFs<\/a>, and derivatives.<\/p>\n<p><!--more--><\/p>\n<p>Head of Research Vetle Lunde highlighted several market anomalies:<\/p>\n<ul class=\"wp-block-list\">\n<li>trading volumes reached the 95th <span data-descr=\"percentile \u2014 a statistical term indicating how a specific value compares to all others in a sample\" class=\"old_tooltip\">percentile<\/span> (among the highest levels);<\/li>\n<li>funding rates plummeted to levels seen during the banking crisis of March 2023;<\/li>\n<li>the skew in the options market returned to bearish 2022 levels.<\/li>\n<\/ul>\n<p>Momentum indicators also signal extreme oversold conditions. Amid prolonged selling since January 20, the daily Relative Strength Index (<a href=\"https:\/\/forklog.com\/en\/news\/what-the-rsi-is-for-and-whether-it-suits-cryptocurrencies\">RSI<\/a>) fell to 15.9. This is the sixth deepest result since 2015, with lower values only during market crashes in March 2020 and November 2018.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-12a332e6f8b5953a-6097619327858297.webp\" alt=\"rsi\" class=\"wp-image-275058\"\/><figcaption class=\"wp-element-caption\">BTC\/USD dynamics and daily RSI for Bitcoin. Source: K33.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-cryptos-fear-and-greed-index\">The Fear and Greed Index<\/a> dropped to 6 points during the sell-off \u2014 the second lowest in history. This underscores the depth of investor pessimism as Bitcoin approached $60,000.<\/p>\n<p><iframe loading=\"lazy\" width=\"100%\" height=\"420\" frameborder=\"0\" src=\"https:\/\/www.theblock.co\/data\/crypto-markets\/prices\/fear-and-greed-index\/embed\" title=\"Fear and Greed Index\"><\/iframe><\/p>\n<p>According to Lunde, historically, such episodes coincided with cyclical lows. This supports the hypothesis that the recent correction has formed a local bottom.<\/p>\n<h2 class=\"wp-block-heading\">\u201cHyperactive Trading\u201d and Derivatives Pressure<\/h2>\n<p>The price movement was accompanied by \u201chyperactive trading,\u201d noted Lunde. By February 6, the two-day spot trading volume of digital gold reached $32 billion \u2014 one of the highest in history.<\/p>\n<p>The figures for February 5 and 6 remained in the 95th percentile. According to the report, such trading intensity has only been observed once in the past five years \u2014 during the <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX exchange collapse<\/a>.<\/p>\n<p>The analyst noted that such spikes often indicate the passing of local extremes. Typically, they are followed by a period of consolidation and a retest of lows.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a970f782f24996c0-6097688447083090.webp\" alt=\"vol\" class=\"wp-image-275059\"\/><figcaption class=\"wp-element-caption\">Dynamics of two-day Bitcoin trading volume. Source: K33.\u00a0<\/figcaption><\/figure>\n<p>Tension remains in the derivatives market. On February 6, the annual <a href=\"https:\/\/forklog.com\/en\/news\/the-funding-rate-how-it-helps-anticipate-price-reversals-in-bitcoin-and-ethereum\">funding rate<\/a> for perpetual Bitcoin swaps fell to -15.46% \u2014 a low since the banking crisis of March 2023. The weekly average dropped to -3.5%, setting a new record low since September 2024.<\/p>\n<p>The skew indicator in the options market shifted to an \u201cextremely protective zone.\u201d According to Lunde, such values were previously recorded only during the <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">Terra collapse<\/a>, <a href=\"https:\/\/forklog.news\/smi-sud-virginskih-ostrovov-postanovil-likvidirovat-three-arrows-capital\/\">3AC liquidation<\/a>, and FTX bankruptcy.<\/p>\n<p>American spot Bitcoin ETFs also showed record activity. On February 5, IBIT trading volume <a href=\"https:\/\/x.com\/EricBalchunas\/status\/2019522889435812298?s=20\">exceeded $10 billion<\/a>, setting a historical high.<\/p>\n<p><iframe loading=\"lazy\" width=\"100%\" height=\"420\" frameborder=\"0\" src=\"https:\/\/www.theblock.co\/data\/etfs\/bitcoin-etf\/bitcoin-spot-etf-volumes\/embed\" title=\"Spot Bitcoin ETF Volumes\"><\/iframe><\/p>\n<p>However, on the same day, the funds faced the fifth-largest net outflow since launch. Despite inflows in subsequent days, a total of 13,670 BTC was withdrawn from products since February 3.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"280\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-57c3b5e4daa5ba77-6097741551788744-1024x280.png\" alt=\"outflows\" class=\"wp-image-275060\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-57c3b5e4daa5ba77-6097741551788744-1024x280.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-57c3b5e4daa5ba77-6097741551788744-300x82.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-57c3b5e4daa5ba77-6097741551788744-768x210.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-57c3b5e4daa5ba77-6097741551788744-1536x420.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-57c3b5e4daa5ba77-6097741551788744-2048x561.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of capital inflows and outflows from spot Bitcoin ETFs. Source: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/Total_Crypto_Spot_ETF_Fund_Flow?page=usBTC\">SoSoValue<\/a>.<\/figcaption><\/figure>\n<p>K33 anticipates a prolonged price consolidation in the $60,000\u2013$75,000 range.<\/p>\n<p>Experts also predict a decline in trading activity and allow for a retest of support, but see no fundamental reasons for prices to fall below the local minimum.<\/p>\n<p>Earlier, Glassnode analysts <a href=\"https:\/\/forklog.com\/en\/news\/glassnode-calls-bitcoins-current-drawdown-moderate\">described<\/a> the recent dip in the leading cryptocurrency as \u201cmoderate.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s drop to $60,000 may have marked a local bottom. K33 Research analysts observed signs of investor capitulation across various market segments.<\/p>\n","protected":false},"author":1,"featured_media":94203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitcoin's $60,000 dip may be a local bottom, says K33 Research.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1168,569,1384,1145],"class_list":["post-94202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-crypto-derivatives","tag-etf","tag-fear-index","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"187","promo_type":"1","layout_type":"1","short_excerpt":"Bitcoin's $60,000 dip may be a local bottom, says K33 Research.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94202"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94202\/revisions"}],"predecessor-version":[{"id":94204,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94202\/revisions\/94204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/94203"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}