Bitcoin staged a dramatic recovery to reclaim the $70,000 level this weekend after plunging below $60,000 last Thursday, which marked its lowest point since late 2024. It comes amid a bizarre situation in which a scam AI Trump crypto announcement was broadcast during the Super Bowl pre-game show on Fox.
While the -43% drop from the October 2025 highs has long-time critics claiming the crypto story is over, bulls are spotting technical signals suggesting the worst of the selloff might finally be exhausted.
The recent volatility triggered over $2.6Bn in liquidations, marking one of the most mechanically driven washouts in recent memory and sending the Fear and Greed Index to 4/100, aka ‘Extreme Fear’, its lowest level since the COVID crash in March 2020.
This price action mirrors the “max pain” phases seen in previous cycles, where leverage is flushed out before a clearer trend emerges.
Is the Bear Market Finally Ending as BTC USD Reclaims $70K?
For “no-coiners”, skeptics who avoid crypto entirely, the dip below $60,000 was a moment to celebrate. The Financial Times published opinion pieces declaring Bitcoin “still too high”. Gold advocate Peter Schiff also predictably weighed in, mocking corporate holders like Michael Saylor’s Strategy, who are currently underwater on their massive holdings.
However, veteran traders often argue that this sentiment is actually a contrarian signal. When fear hits extreme highs, bottoms often form. Sentiment indicators recently hit multi-year lows, which bulls interpret as a sign that sellers are exhausted and a bottom is near.
Technically, the rebound off the $60,000 support level is significant. Analysts view this $60K floor as a critical line in the sand. If buyers can push past the immediate resistance at $71,673, we could see a quick move toward $75,000. A weekly close above $74,434 for BTC USD is essential to confirm that the bulls are back in control.
Some see parallels with past cycles in which crypto winters ended abruptly as institutional selling pressure faded. This is further supported by the fact that last Friday saw Bitcoin ETFs close the day with positive outflows after three days in the red, during which over $1.1Bn exited the various products.
BlackRock led the way with around $410M in outflows but also led the charge on Friday, as its IBIT ETF accounted for $231M in positive flows, bringing the total to $330M.
(SOURCE: CoinGlass)
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
What Happened with the AI Trump Crypto Announcement During the Super Bowl?
While crypto enjoyed a rare green weekend, with prices across the board steadily climbing following last week’s crypto crash, there was a bizarre moment during a supposed Super Bowl pre-game show on Fox.
In reality, what transpired is that a fake Fox News YouTube channel had been created and was broadcasting an AI video of President Trump promoting cryptocurrency and asking for donations, promising to double the money of anyone who invested.
It is a common scam that targets high-profile moments, such as the Super Bowl, but worryingly, it was watched live by more than 200,000 people at one point.
This is a shady ploy that has been used frequently in the past to show a deepfaked Elon Musk promoting crypto scams. While it is nothing new, given the President’s prior moves in the space, users were not 100% certain it wasn’t a real Trump crypto announcement in which he was asking for crypto donations.
There’s currently 200k people watching a fake AI-generated Super Bowl Fox livestream of Trump promoting a crypto scam 🫠
They must be raking in millions – it’s the first thing that comes up if you search for Super Bowl on YouTube pic.twitter.com/Xv7l2CkCnv
— Jaspar Carmichael-Jack (@jasparcjack) February 8, 2026
BONUS: Bitcoin Hyper (HYPER) Presale Sees $100K Inflows Over the Weekend – Another Signal the Bull Market is Back?
The much-talked-about Bitcoin Hyper (HYPER) presale raised $100,000 over the weekend, bringing its total to $31.3M and making it one of the largest crypto presales of the past year.
This renewed appetite for blue-chip crypto presales has many believing the recent crypto crash has stabilized, with BTC USD reclaiming $70,000 and the broader market turning green.
Bitcoin Hyper is a next-generation protocol that builds a Layer-2-optimized settlement network for Bitcoin’s core layer, using the Solana Virtual Machine (SVM), combining Solana’s speed and low fees with Bitcoin’s trust and longstanding built-in security.
By doing so, HYPER will unlock billions of dollars in untapped liquidity on the Bitcoin network, bringing DeFi, GameFi, AI Agents, and more to the world’s largest digital asset.
Head to the Bitcoin Hyper website to learn more and enjoy the 37% staking rewards. When buying, you can use SOL, ETH, USDT, USDC, BNB, or a credit card.
Bitcoin Hyper recommends connecting via Best Wallet, which is quickly becoming one of the best crypto and Bitcoin wallets on the market. HYPER is already listed in Best Wallet’s “Upcoming Tokens” section, making it easy to buy, track, and claim once the token is live.
Join the Bitcoin Hyper community today on Telegram and X to stay up to date on all things HYPER.
EXPLORE:
Follow 99Bitcoins on X For the Latest Market Updates and Subscribe on YouTube For Daily Expert Market Analysis.
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
