BTC Hovers Around $70K Mark While Coinbase Premium Turns Positive for First Time in Four Weeks
For the first time since mid-January, Bitcoin experienced a short-lived positive Coinbase Premium reading as its price consolidated around the $70,000 level.
Following the opening of Wall Street trading on Monday, Bitcoin (BTC) experienced a period of consolidation while gold pursued fresh highs for the month of February.
Key points:
- Analysts predict Bitcoin's price will fluctuate between Fibonacci levels following significant market turbulence.
- For the first time in a month, the Coinbase Premium indicator momentarily shifted into positive territory.
- Market analysis indicates cryptocurrency markets maintain a "defensive" stance overall.
Market Observer Anticipates BTC Price "Range Game"
Information sourced from TradingView revealed a noteworthy lack of price movement for BTC, with market participants adopting a cautious "wait and see" approach.
Among these cautious observers was X analyst StefanB, who anticipated a "liquidity buildup into key levels" as the next development.
"This is what I want to see next on $BTC, range game," he communicated to his X followers, highlighting that such patterns typically emerge following periods of high volatility.
A chart shared alongside his analysis identified critical Fibonacci levels of significance that are expected to define the near-term range-bound trading environment.
Examining lower timeframes, trader CW observed a lack of selling pressure that contributed to BTC price stabilization throughout the United States trading session.
Buy orders for $BTC are formed strongly. On the other hand, there are no sell orders. Downward pressure has disappeared.
— CW (@CW8900) February 9, 2026
Data from the Coinbase Premium Index, an indicator that tracks the price differential between Coinbase's BTC/USD and Binance's BTC/USDT trading pairs, corroborated these observations.
According to data presented by onchain analytics firm CryptoQuant, the Index experienced a substantial reduction in its negative reading throughout the weekend. The metric even temporarily turned positive for the first occasion since mid-January.
In the broader macroeconomic landscape, precious metals continued to capture market attention, with gold advancing beyond its previous recovery above $5,000 per ounce to target fresh monthly highs.
Cryptocurrency Analyst Highlights Whale Accumulation
Focusing on Binance exchange activity, CryptoQuant analyst CryptoOnChain identified what they characterized as "aggressive" purchasing behavior from whale investors.
"The market is currently witnessing a classic 'accumulation during capitulation' scenario," they stated in a "Quicktake" blog post published on the day.
While sentiment is fearful, the sharp rise in the Mean Exchange Outflow confirms that large-scale investors are aggressively buying and withdrawing Bitcoin, signaling potential support formation at these levels.
The two-week moving average for mean exchange outflow reached 13.3 BTC per individual withdrawal transaction on Feb. 8, representing more than double the figure recorded in late January.
Providing a more cautious perspective to balance any excessive optimism, blockchain analytics provider Glassnode characterized market participants as adopting a "risk-off" posture throughout the cryptocurrency sector.
"Overall, conditions remain defensive across spot, derivatives, ETFs, and on-chain indicators. Profitability is compressed, capital flows are negative, and hedging demand remains elevated following the downside repricing," the platform noted in its most recent "Market Pulse" report.
While some signals suggest selling pressure may be moderating, a durable recovery likely depends on renewed spot demand capable of stabilising price above recent lows.