Bitcoin (BTC) price has rebounded towards $70,000 on Tuesday, February 10, during the North American session. The flagship coin rebounded from a demand zone around $68.5k in the past two days, thus aiming to retest its supply zone around $71,250.
Nonetheless, Bitcoin price has suffered a significant decline in its Open Interest (OI), thus fueling the bearish sentiment. According to market data from CoinGlass, BTC’s OI has dropped from above $90 billion in October 2025 to hover about $45.7 billion at press time.
According to onchain data analysis, Bitcoin whales with an account balance of above 1000 BTC have been accumulating year-to-date. Moreover, Bitcoin addresses with an account balance of 1000 have surged by 50 in the past few weeks.
Source: X
With onchain data showing the retail traders still reluctant to buy BTCs at current levels, amid extreme fear of further capitulation, the odds of a Bitcoin price rebound remain palpable.
The main reason why Bitcoin price may rebound to $85k is due to its unfilled gap above $79k and below $85k. Historically, any gap in the Bitcoin CME Futures formed has been filled.
With the BTC price forming a potential bull flag after a notable selloff to around $60k, the flagship coin is likely to rally towards $85k soon.
Although BTC price may rebound towards $85k soon, the intense fear of further capitulation is palpable. Furthermore, more crypto traders are predicting a similar Bitcoin capitulation in the coming weeks to the 2022 bear market.
Source: X
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