The February 6 recovery started at key technical levels. The S&P 500 bounced off its 100-day moving average, a signal that often triggers systematic rebalancing and short-term buying.

Bitcoin followed a similar path. After dipping to around $60,000, liquidation pressure eased, funding rates stabilized, and spot buyers stepped in. With leverage already flushed, there was less forced selling left to drive prices lower.

When positioning resets, markets can rise simply because the sellers are gone.