Bitcoin (BTC) enjoyed stability after Monday’s Wall Street open as gold eyed new February highs.
Key points:
Bitcoin price forecasts expect BTC to bounce between Fibonacci levels after major volatility.
The Coinbase Premium briefly enters positive territory for the first time in four weeks.
Crypto markets remain “defensive” across the board, says analysis.
Trader sees BTC price “range game”
Data from TradingView captured a curious absence of BTC price volatility, while traders were firmly in “wait and see” mode.
X analyst StefanB was among them, eyeing a “liquidity buildup into key levels” next.
“This is what I want to see next on $BTC, range game,” he told X followers, noting that such behavior tends to follow periods of high volatility.
An accompanying chart showed key Fibonacci levels of interest that should frame the short-term range-bound environment.
On low time frames, meanwhile, trader CW eyed an absence of sellers helping to stabilize BTC price during the US session.
Buy orders for $BTC are formed strongly.
On the other hand, there are no sell orders.
Downward pressure has disappeared. https://t.co/YEFHpt5dwD pic.twitter.com/llGu5i8KUF
— CW (@CW8900) February 9, 2026
The Coinbase Premium Index, which measures the difference in price between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs, supported the data.
As shown by onchain analytics platform CryptoQuant, the Index significantly reduced its negative value over the weekend. Its value even briefly flipped positive for the first time since mid-January.
On macro, meanwhile, precious metals retained the spotlight, with gold building on an earlier reclaim of $5,000 per ounce to seek new month-to-date highs.
Whale buying alerts crypto analyst
Turning to Binance, CryptoQuant contributor CryptoOnChain reported what it called “aggressive” buying activity among whales.
Related: BTC traders wait for $50K bottom: Five things to know in Bitcoin this week
“The market is currently witnessing a classic ‘accumulation during capitulation’ scenario,” they wrote in a “Quicktake” blog post 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 of mean exchange outflow hit 13.3 BTC per withdrawal transaction on Feb. 8, more than double the previous value from late January.
Tempering any unwarranted optimism, onchain analytics platform Glassnode nonetheless described market participants as “risk-off” across crypto.
“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,” it wrote in its latest “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.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
-1024x683.jpg "Florida Roads Become a Battleground for Illegal Immigration")
-1024x768.jpg "Red Snapper Used as Cudgel by Fed Judge")
