#Bitcoin BTC Price News & Insights Today 7-2-2026 - Technical analysis of #BTC, on market structure, key support and resistance zones. Video by More #Crypto Online.
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Bitcoin (BTC) is trading at approximately $68,218.50 as of February 7, 2026. The market is currently experiencing significant volatility following a major operational error at the South Korean exchange Bithumb, which mistakenly distributed 620,000 bitcoins (worth roughly $44 billion) to users during a promotional event. This "fat-finger" blunder triggered a sudden sell-off, causing prices to briefly plunge toward the $60,000 support level before stabilizing in the high $67,000 to $68,000 range.
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Bitcoin Insights Today
-The Bithumb Blunder: On Friday, February 6, Bithumb intended to airdrop roughly $1.37 (2,000 won) to participants but accidentally sent 2,000 full bitcoins to each of 249 users. While the exchange recovered 99.7% of the assets by midnight, the initial error sparked a panic that saw prices drop as low as 81.1 million won (approx. $60,000) on local charts.
-Institutional Shift: Analysts report that institutional demand has reversed in 2026. U.S. Bitcoin ETFs, which were major buyers last year, have become net sellers. Current prices are now below the estimated average entry price for U.S. spot-ETF investors, which sits around $81,600.
-Technical Outlook: Bitcoin has fallen nearly 50% from its late-2025 peak of approximately $126,000. It recently broke below its 365-day moving average for the first time since 2022, leading some analysts to warn of a "crypto winter" that could see further downside toward $60,000 or even lower if current supports fail.
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