February 5 News: The cryptocurrency market continues to come under pressure. Bitcoin’s price fell below the $70,000 mark on Wednesday, hitting a new low since Donald Trump was elected President of the United States. Over the past 24 hours, major altcoins including Ethereum (ETH), BNB, Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all declined by 6% to 10%, with market panic significantly intensifying.
According to Coinglass data, over the past day, the global crypto market liquidations exceeded $800 million, with 165,000 traders facing liquidations. The largest single liquidation on the Hyperliquid platform reached $11.36 million. Options trading for Bitcoin and Ethereum shows increased downside risk, with the 25 delta skew decreasing, indicating the potential continuation of a short-term bear market. Glassnode data shows that the three-day moving average of net realized profit and loss decreased by $317 million daily for the first time since 2022, indicating reduced liquidity and market pressure.
Technical analysis also indicates further downside risk. Bitcoin broke below the 365-day moving average since 2022, potentially dropping to the $60,000 to $70,000 range. Well-known analysts Peter Brandt and Michael Burry warned that Bitcoin prices could further decline to $58,000, with a sharp drop potentially impacting Bitcoin trading firms, precious metals markets, and the overall financial market. Strategy’s Bitcoin holdings face approximately $4 billion in unrealized losses, and MSTR stock closed down 3.13% at $129.09.
Institutional demand is weakening, with spot Bitcoin ETFs experiencing continued outflows. BlackRock sold approximately $373.8 million worth of Bitcoin. Market sentiment shows the crypto fear and greed index has fallen to extreme fear territory, with investor caution running high. Analyst Michael van de Poppe pointed out that the Bitcoin/S&P 500 weekly RSI has hit a historic low, while Ali Martinez warned that if Bitcoin drops below $77,086, the next key support levels are at $60,176 and $47,824.
Overall, the decline in Bitcoin and mainstream altcoins reflects structural weakness in the market. In the short term, clear bear signals are evident, and investors should pay attention to leverage liquidation risks and the flow of funds in spot ETFs.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin value ‘off the chart’ as BTC price metric hits record lows in 2026
Bitcoin (BTC) is “off the chart” in terms of value-for-money as price diverges from hash rate, a market analyst says.
Key points:
Bitcoin price action is diverging from hash rate to an extent never seen before.
The Bitcoin Yardstick metric shows that price is in its “deep value”
Cointelegraph2m ago
Analysts Declare That $60,000 Was Not the Bottom Price for Bitcoin, Lower Lows Ahead
Analysts declare that $60,000 was not the bottom price for Bitcoin.
Much lower low prices are expected ahead for BTC.
This could have Bitcoin bottoming at the $40,000 price range.
As the price of Bitcoin (BTC) moves in a bullish direction towards prices above $71,000, traders and
CryptoNewsLand27m ago
Crypto Market Records Modest Gains As Mixed Sentiment Prevails
The crypto market has seen a 1.35% rise, reaching a $2.44T capitalization, despite a 21.65% drop in volume. Bitcoin and Ethereum experienced gains, while top gainers included $GPM, $TRUMP, and $PEPE. DeFi TVL and NFT sales also surged, with key purchases and services announced.
BlockChainReporter34m ago
Bitcoin nears $72,000 as rising open interest signals growing leverage in choppy market
Bitcoin rose 1.2% following gains in U.S. equities, driven by oil prices dropping and geopolitical tensions. The crypto market shows resilience, with significant increases in futures open interest and altcoins outperforming Bitcoin as traders shift positions ahead of market movements.
CoinDesk35m ago
Gold’s longest losing streak in a century meets bitcoin’s resurgence
Gold is facing its longest losing streak in over a century, dropping 27% from its January peak, but recently rebounded slightly. Meanwhile, Bitcoin has outperformed, with significant inflows into Bitcoin ETFs, while gold ETFs see outflows.
CoinDesk56m ago
'Use the Chain, Make Cardano Better': Charles Hoskinson Says - U.Today
Charles Hoskinson, founder of Cardano, urges the community to actively engage with the platform and use its blockchain for transactions and development. This participation can enhance ADA's adoption despite recent price volatility. Cardano's DeFi has hit 520 million ADA in Total Value Locked, with aspirations reaching one billion.
UToday1h ago
