BTCUSD Today: Sub-$65K as $500B Crypto Wipeout Deepens – February 06

Bitcoin price today slid under US$65,000, briefly dipping below US$61,000 (about HK$476,000), after a sharp crypto market selloff. Roughly US$500 billion in value vanished and over US$2 billion in forced liquidations hit leveraged traders. U.S. spot ETFs turned net sellers, adding pressure after the loss of US$70,000. For Hong Kong investors, the focus shifts to the US$60,000 (about HK$468,000) support and execution discipline. We track Bitcoin (BTCUSD) closely as liquidity, ETF flows, and risk appetite drive the next move for Bitcoin price today.

What Drove Today’s Slide

Bitcoin price today accelerated lower as cascading stop-outs hit leveraged longs. Data show over US$2 billion in forced liquidations alongside a near US$500 billion drawdown in total crypto value in less than a week, underscoring fragility when key levels break. This broad wipeout reflects thinning liquidity and momentum selling after US$70,000 failed. See summary on Hong Kong’s market portal AASTOCKS.

U.S. spot Bitcoin ETFs turned net sellers, removing a recent support pillar and weighing on Bitcoin price today. At the same time, broader risk assets softened, curbing appetite for high beta exposure. The combination amplified intraday swings and deepened the dip under US$65,000. For context on the intensifying selloff and sentiment shift, see reporting from CNBC.

Key Levels and Short-Term Setup

For stabilization, we want to see Bitcoin price today reclaim and hold above US$65,000 (about HK$507,000) on strong spot volume. A steady base in the mid-US$60,000s would signal selling pressure is easing. Without that, rallies risk fading. Intraday traders in Hong Kong should track depth on major pairs and avoid chasing thin bounces.

US$60,000 is a round-number anchor and a widely watched line in this cycle. A clean hold may attract dip buyers and slow forced liquidations. A decisive break opens risk to lower ranges and longer repair time. We prefer staged entries near key levels, using clear invalidation points to cap downside if US$60,000 fails.

Impact on Hong Kong Investors

Translate U.S. levels into HKD to set size and risk. US$65,000 is about HK$507,000 per coin, while US$60,000 is about HK$468,000. Factor spreads, funding, and conversion costs if moving between HKD, USD, or stablecoins. Keep position sizes small in fast markets and review total crypto weight against cash and bonds.

Volatility often spikes around U.S. market hours, including the first hour of trading, which overlaps with late evening in Hong Kong. Use limit orders, avoid illiquid pairs, and split orders into tranches. Set alerts a little above and below key levels so you react, not chase, as Bitcoin price today whipsaws.

What To Watch Next

Daily ETF flow prints remain a key tell. Renewed inflows could help form a floor, while persistent outflows may keep pressure on Bitcoin price today. Also watch spot exchange liquidity and stablecoin issuance trends. Improving depth and tighter spreads often precede more durable recoveries after sharp drawdowns.

Altcoins usually fall more than Bitcoin in a crypto market selloff and rebound later. If Bitcoin price today steadies above key support, beta may rotate into majors first, then selected alts. We would fade low-liquidity spikes and favor stronger balance coins with clear catalysts over crowded momentum names.

Final Thoughts

Bitcoin price today slipped below US$65,000 and briefly under US$61,000 as liquidations accelerated, ETFs turned net sellers, and risk appetite weakened. The near-term playbook is simple. First, watch whether price can base back above US$65,000 with improving spot volume. Second, respect US$60,000 as pivotal support. Third, size trades in HKD, use limits, and stage entries to manage slippage.

For Hong Kong investors, prioritize risk control over prediction. Keep positions modest, predefine exits, and avoid leverage while volatility is high. Monitor ETF flows and liquidity. If conditions improve, rebuild gradually. If not, preserve capital. In fast markets, discipline and execution matter more than calling the exact bottom for Bitcoin price today.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.