Bitcoin slips toward $62K as Polymarket odds fade on a February rebound

Bitcoin dipped towards the $62,000 stage throughout Tuesday’s buying and selling session, extending a broader pullback that has weighed on the crypto market by late February. 

The transfer got here as prediction markets sharply lowered the likelihood of a significant rebound earlier than month-end, signaling rising scepticism round near-term upside.

In keeping with knowledge, Bitcoin briefly traded simply above $62,500 earlier than stabilizing close to $64,000, down modestly on the day however nonetheless locked in a transparent short-term downtrend. 

The newest decline follows weeks of decrease highs and protracted promoting strain which have dragged the asset down from January peaks.

Bitcoin value weak point persists into late February

Bitcoin’s latest value motion exhibits little signal of structural restoration. The asset has repeatedly didn’t reclaim key resistance zones, with every tried bounce adopted by renewed promoting strain.

Supply: TradingView

Buying and selling quantity has picked up throughout draw back strikes, suggesting that rallies are getting used as exit factors somewhat than accumulation alternatives.

This sample has saved Bitcoin trapped under key technical ranges, reinforcing a cautious tone throughout the market.

Polymarket merchants slash odds of a February breakout

The lack of momentum is more and more seen in derivatives-driven sentiment. On Polymarket, merchants have sharply repriced expectations for Bitcoin’s February efficiency.

Contracts betting on Bitcoin closing the month above main upside thresholds—resembling $80,000, $90,000 or increased—now carry odds of 2% or much less. Even reasonably bullish outcomes have been largely discounted because the month attracts to an in depth.

Draw back eventualities achieve traction as sentiment cools

On the identical time, cheaper price outcomes have gained relative traction. The likelihood of Bitcoin buying and selling at or under $60,000 by the tip of February presently stands at round 23%, regardless of the asset nonetheless holding barely above that stage.

Supply: Polymarket

Whereas not a dominant forecast, the shift highlights how quickly sentiment has cooled following repeated failed rebounds earlier within the month. The repricing displays rising warning somewhat than outright panic.

Broader crypto market exhibits risk-off habits

The cautious tone shouldn’t be restricted to Bitcoin. Ethereum and different main cryptocurrencies have posted comparable intraday declines, reinforcing a broader risk-off reset throughout digital belongings.

In the meantime, stablecoins have remained largely flat, suggesting that capital is shifting to the sidelines somewhat than rotating into various crypto belongings. This behaviour usually indicators uncertainty somewhat than conviction in both route.

Remaining Abstract

• Bitcoin’s slide towards $62,000 aligns with a pointy drop in Polymarket odds for a February rebound, underscoring fading bullish confidence.
• With upside eventualities largely priced out, merchants seem positioned defensively as February attracts to an in depth.