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Bitcoin Price Falters as Institutional Accumulation Fails to Break $71,000 Resistance

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  • Bitcoin faces stiff resistance near $71,000 despite Binance and Strategy’s multi-hundred million dollar acquisitions.
  • Market sentiment remains “teetering” as TradFi deleveraging and high correlation with tech stocks continue to weigh on digital assets.
  • OKX CEO Star Xu criticizes competitors’ marketing-driven accumulation, warning of “eroded trust” and “Ponzi-like schemes” in the ecosystem.

Trending: Bitcoin Price Prediction

The cryptocurrency market is facing a critical test on February 9, 2026, as Bitcoin (BTC) struggles to maintain its recovery momentum. Despite a massive $300 million injection from Binance’s Secure Asset Fund for Users (SAFU) and continued buying from Strategy (formerly MicroStrategy), the leading digital asset has encountered significant selling pressure near the $71,000 mark.

This “teetering” price action reflects a market caught between aggressive institutional accumulation and a broader crisis of confidence. Investors are closely watching for a definitive Bitcoin Price Prediction as the asset attempts to decouple from traditional financial volatility and overcome the “forced deleveraging” that has characterized the early February downturn.

Why Is Bitcoin Price Struggling? Institutional Buys Meet Heavy Resistance

While the narrative over the weekend focused on institutional “dip-buying,” the reality on Monday reveals a more complex picture. Bitcoin’s price action has shown clear signs of resistance near $71,000, with supply emerging from holders looking to exit positions on recent rebounds.

The massive $300 million purchase by Binance SAFU, which added 4,225 BTC to its reserves, was intended to strengthen the fund’s role as a “premier long-term store of value”. However, on-chain data suggests these were internal transfers from Binance hot wallets rather than open-market buys, which may have limited their immediate upward impact on the spot price.

Adding to the tension, OKX CEO Star Xu has emerged as a vocal critic of the current market structure. Xu directed his criticism at Binance, accusing it of “prioritizing short-term profits over the health of the crypto market”. He further claimed that such aggressive purchases are often a “shortcut for attracting traffic and user attention through narrative control” rather than being based on fundamentals.

Strategy Continues Accumulation Amidst “Underwater” Treasury

Despite the market’s fragility, Michael Saylor’s Strategy continues its unrelenting accumulation campaign. In a regulatory filing released Monday, the company disclosed the acquisition of 1,142 Bitcoin for approximately $90 million at an average price of $78,815 per coin.

This latest move brings Strategy’s total holdings to 714,644 BTC, valued at roughly $49 billion. However, the recent downturn has left the company’s massive treasury “underwater” on paper, implying unrealized losses of about $5.2 billion.

Addressing concerns about debt and leverage during a recent earnings call, Strategy CEO Phong Le provided a sobering “survival floor” for the asset:

“Bitcoin would need to fall to $8,000 and remain at that level for five to six years before it would pose a meaningful risk to the company’s ability to service its convertible debt”.

Technical Analysis: Historical Oversold Signals vs. Macro Headwinds

The current Bitcoin Price Prediction landscape is defined by extreme technical readings. MN Trading founder Michaël van de Poppe pointed out that the Fear & Greed Index plummeted to 5 points over the weekend, while the Relative Strength Index (RSI) touched 15. These levels were previously seen only during the 2018 bear market bottom and the 2020 “COVID crash”.

  • Resistance Zones: The $71,000 level remains the primary obstacle. A failure to break this could lead to a retest of the February 5 lows near $61,000.
  • Support Levels: While $60,000 offers psychological support, Jeff Park, CIO at ProCap, notes that the market is currently sensitive to “forced deleveraging in traditional finance portfolios”.
  • Correlation Risks: Bitcoin has shown an “unusually tight correlation” with broader risk assets, particularly software stocks. This linkage means that Wall Street shocks continue to ripple through the crypto market, complicating the “safe haven” narrative.

Bernstein analysts, however, remain steadfastly bullish, labeling the current correction as the “weakest bear scenario” in Bitcoin history. They maintain a target price of $150,000 by the end of 2026, arguing that the decline reflects a “crisis of confidence” rather than fundamental issues.

Social Media & Market Indicators:

Social media remains the primary battleground for market sentiment. The following tweets highlight the conflicting narratives currently driving the price:

Commentary: While this tweet was intended to signal transparency and strength, the market’s tepid reaction suggests that investors are increasingly wary of “internal rebalancing” vs. fresh capital entry.

Verbatim Tweet from @saylor (February 8, 2026):

Commentary: Saylor’s signature phrase refers to the “orange dots” on Strategy’s Bitcoin tracker, symbolizing new purchases. It serves as a rallying cry for institutional conviction, even as the company’s position faces billions in unrealized losses.

Broader Market Performance: Ethereum and Altcoins Under Pressure

The total cryptocurrency market capitalization has declined by approximately 10% over the past week to roughly $2.36 trillion.

  • Ethereum (ETH): Is struggling to hold support around the $2,000 level.
  • XRP: Has remained above $1.40 but continues to trade under pressure alongside the broader altcoin market.
  • TradFi Impact: The correlation with the software sector remains a primary concern for analysts, as forced de-risking by multi-strategy funds continues to spill over into digital assets.

Bitcoin Price Prediction FAQ

Why didn’t the $300M Binance SAFU buy push the price higher? On-chain data suggests the BTC came from Binance’s own hot wallets rather than open-market purchases. This method avoids large buy orders that move the market and is viewed by some, like OKX’s Star Xu, as a “shortcut for narrative control”.

What is the “survival floor” for Strategy (MSTR)? CEO Phong Le stated that Bitcoin would need to fall to $8,000 and remain there for 5-6 years before the company’s debt servicing would be meaningfully impacted.

What is the current target for the most bullish Bitcoin Price Prediction? Bernstein analysts maintain a long-term target of $150,000 by the end of 2026, viewing the current downturn as the “weakest bear scenario” driven by a crisis of confidence rather than systemic failure.

Why is Bitcoin correlated with software stocks? According to Jeff Park (ProCap), the current sell-off is driven by “forced deleveraging” in traditional finance portfolios where Bitcoin is held alongside other high-growth risk assets like software stocks.

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