Bitcoin Surges Past $96K Amidst Market Uncertainty

Bitcoin Surges Temporarily to Break $96,000

Bitcoin price surged temporarily, breaking the $96,000 mark, driven by market reactions to the emerging gap in CME futures. The price climbed as much as 6.7% compared to its local lows of $91,530, which were recorded shortly after the weekly open. This price movement comes in light of recent tariffs imposed by the U.S. on Canada and Mexico, which have heightened market uncertainty.

Altcoins, however, bore the worst of the risk-asset sell-off, with many of the top twenty cryptocurrencies by market cap shedding 20% or more. Popular trader Johnny noted on X that "As long as the range lows and yearly open BTC continues to look good compared to the rest of the market," indicating a cautiously optimistic view from market participants.

Rekt Capital highlighted that a new "gap" in CME Group's Bitcoin futures market had opened above $98,000, serving as a notable point of interest for traders. Historical trends suggest that such gaps tend to function as price magnets, often being "filled" within days or even hours. Rekt Capital elaborated on this phenomenon, stating, "To confirm this retest as successful, Bitcoin needs to close above approximately $96,600 throughout February."

Bitcoin's relief bounce was not mimicked by US stock markets, with the S&P 500 and Nasdaq Composite Index down 1.75% and 2.25%, respectively, at the time of writing. Trading firm QCP Capital explained in a bulletin to Telegram channel subscribers that "Acting as a risk proxy before U.S. markets opened, crypto saw nearly $2 billion in liquidations, with ETH hit harder than BTC."

This decorrelation reinforces the view that today's risk-off move is driven by cross-asset portfolio rebalancing rather than a single-asset event. Expect continued volatility as Trump prepares to negotiate with Canada and Mexico tonight, while claiming tariffs on the EU are 'definitely happening.'

Bitcoin's 4-hour Relative Strength Index (RSI) dipped below 30, indicating an oversold condition—a signal familiar to seasoned traders. This particular behavior on the RSI offers