US Consumer Data Sparks Relief Rally in Bitcoin, Gold, and Stocks

Core Viewpoint - Global markets experienced a significant rebound on February 6 after a sharp sell-off, with Bitcoin recovering to around $70,000 and US equities, gold, and silver also advancing due to technical buying and easing macro fears [1]. Group 1: Market Recovery - The rebound was initiated after key technical levels held across asset classes, particularly the S&P 500 touching its 100-day moving average, which triggered mechanical buying from funds rebalancing risk exposure [2]. - Bitcoin mirrored this pattern, rebounding sharply after a brief fall to $60,000 as forced liquidations slowed and funding rates stabilized, allowing spot buyers to support a short-term recovery [3]. Group 2: Positioning and Selling Pressure - The previous sell-off had cleared excess leverage across markets, particularly in crypto, where derivatives positioning had been heavily skewed toward longs, amplifying downside risks [4]. - By February 6, much of the excess leverage had been flushed out, easing marginal selling pressure and allowing prices to rebound without new bullish catalysts [6]. Group 3: Macro Signals - US macro data released on February 6 showed stronger-than-expected consumer sentiment, marking a six-month high, which helped stabilize market sentiment and reduced fears of sudden economic deterioration [7]. - Bond markets reacted by pricing a slightly higher probability of a near-term rate cut from the Federal Reserve, which pushed short-term yields lower and eased financial conditions, supporting risk assets [8]. Group 4: Safe-Haven Assets - Gold and silver also saw sharp recoveries, reinforcing the view that the prior session's decline was due to liquidity stress rather than a fundamental rejection of safe-haven assets [9].