Bitcoin slides nearly 12 percent below $70,000 in a week as markets await catalysts

• Bitcoin fell 2.19 percent in 24 hours, trading just above $69,280 on February 10
• Large holders accumulated over 40,000 BTC, helping stabilize prices
• Upcoming US CPI data and macro events may influence Bitcoin's price action

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Bitcoin plunged on February 10 amid broadly bearish sentiment and a lack of near-term catalysts. The world's largest cryptocurrency stood just above $69,280 as of 9.01 am IST, down 2.19 percent in the past 24 hours and a decline of 11.42 percent in a week.

"Markets appear to be waiting for direction from other assets before capital rotates back into BTC. From a trading perspective, a break above $71.8K could trigger a short squeeze toward $73K–$74K, while a loss of $69.5K exposes downside toward the $66K–$68K support zone," said CoinSwitch Markets Desk.

According to Avinash Shekhar, Co-Founder & CEO, Pi42, despite short rebounds, trading activity suggests participants remain selective and defensive. However, gradual accumulation by long-term holders indicates confidence has not disappeared entirely. "If investor confidence improves and buying interest strengthens near current levels, prices could stabilise and form a base for a measured recovery across major cryptocurrencies."

Ethereum was down 1.29 percent, Tether 0.01 percent, XRP 0.64 percent, BNB 1.38 percent, Solana 1.61 percent, Dogecoin 1.91 percent, and Bitcoin Cash 0.58 percent. At the same time, USDC and Tron were up 0.01 percent and 0.12, respectively, in the last 24 hours.

Here's how the price of cryptocurrencies has moved.

Why is Bitcoin down? Should you invest?

"Since Friday, large holders have accumulated over 40,000 BTC, helping stabilise prices, while Strategy added 1,142 BTC worth about $90 million, showing long-term institutional confidence. Bitcoin ETFs also recorded net inflows of over $371 million, further strengthening stability. Looking ahead, this week's CPI data, along with a weakening dollar, could influence the price action," said Akshat Siddhant, Lead Quant Analyst, Mudrex.

The macro calendar is now the main catalyst. A dense US data week follows February 10. It includes the January employment report and the CPI release on February 11 and 13, respectively. US Fed Vice Chair Philip Jefferson has struck a cautiously optimistic tone on growth while stressing policy remains data-dependent. Separately, the New York Fed's consumer survey showed that one-year inflation expectations eased from 3.4 per cent to 3.1 per cent in January.

Vikram Subburaj, CEO of Giottus, advises investors to watch out for key support clustered near $70,000, as there is a deeper structural floor in the $64,000-$66,000 zone. "But be mindful that the near-term upside remains capped at $75,000–$76,000. Traders should stay nimble, manage leverage conservatively, and wait for clearer confirmation of spot demand before adding risk. Do not chase short bursts and rallies. Look for clear confirmations before adding capital."