Bitcoin is pushing higher in what looks like a classic countertrend bounce after a brutal capitulation move flushed out weak hands and triggered heavy forced selling in derivatives markets. Markus Thielen’s latest chart shows BTC dropping hard from above $110,000 to a low near $62,000 before rebounding, now testing resistance around the $80,000–$87,000 zone.
The sharp sell-off cleared over-leveraged positions and reset sentiment, creating technical room for prices to extend higher in the short term. But Thielen cautions that the rebound’s staying power depends on real fresh money coming in, not just short covering and mechanical hedging flows. Without sustained new capital, this rally could fade quickly.
📊Today’s #Matrixport Daily Chart – February 9, 2026 ⬇️
Bitcoin Is Attempting a Countertrend Rally#Matrixport #Bitcoin #BTC #CountertrendRally #Capitulation #BearMarket #Derivatives #Options #Hedging #Liquidations #Volatility #OnChain pic.twitter.com/DcmqdsrdbT
— Matrixport Official (@Matrixport_EN) February 9, 2026
Bear market reset phase continues
Bitcoin remains firmly in a broader bear market reset phase, where violent rallies are common but usually prove temporary. On-chain metrics back this up: demand momentum is weakening, structural accumulation is limited, and overall positioning stays fragile. The chart highlights a clear downtrend channel since late 2025, with the recent bounce hugging the upper boundary but failing to break out convincingly so far.
Derivatives and options hedging fuel volatility
Derivatives activity has played a big role in the wild swings. A surge in options-related hedging has amplified price gaps and rapid moves lower, underlining how much influence futures and options now have on Bitcoin’s price discovery. This mechanical flow, rather than organic buying, has kept volatility elevated and made the market prone to sharp reversals.
Thielen’s take is measured: the bounce offers short-term upside potential, but the bigger picture stays bearish until new conviction buyers step in and break the current regime. The chart and analysis carry the usual disclaimer: informational only, not investment advice.
Meanwhile, an earlier report noted that Bitcoin is showing signs of losing momentum as on-chain indicators suggest new capital inflows are slowing, even as existing capital remains in the market.
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