
                                    <div>
                                      <h3>Market View</h3>
                                      <p>Bearish on BTC, upside breakout failed</p>
                                      <h3>Trading Strategy</h3>
                                      <p>No specific trading strategy, implies avoiding longs or staying cautious</p>
                                      <h3>Core Logic</h3>
                                      <p>Bear market price action, 200-day MA acting as resistance, dead cat bounce likely to sink lower</p>
                                    </div>
                                    

Why is BTC so sluggish?
It seems upward breakout failed. That's typical price behavior in bear market regime.
More sensitive 200-day MA (BPRO trend) acted well as resistance. Without a turbo bounce, say bye bye to $100k as this dead cat bounce sinks lower.
You were warned.

Twitter

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

I agree with the warning, but seems like a better bull trap would be for price to hit the $100K psychological level, then reverse. Many would turn bullish there, only to get rugged.