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
Trump's Negotiation Remarks Drive US Stock Rally, Bitcoin Returns to 70K, Oil Price Plunges 15% at Once
After U.S. President Trump announced progress in U.S.-Iran negotiations, global financial markets experienced significant volatility, with U.S. stocks rising over 1%, oil prices dropping 15% at one point before stabilizing, and Bitcoin rebounding to $70,000. Although initial optimism was impacted by reports of attacks on Iranian energy facilities, the overall trend still shows market responses to risk assets. Cryptocurrency ETF fund flows indicate strong inflows into Bitcoin, while Ethereum experienced outflows.
ChainNewsAbmedia1h ago
The RWA Yield Infrastructure Trade
The essay highlights challenges in direct RWA token exposure, emphasizes the potential in leverage opportunities amid settlement delays, critiques Morpho's governance token structure, and presents Fluid as a more effective token model with stablecoin links.
CoinDesk1h ago
Trump's Easing Signals Trigger $2 Trillion Market Revaluation, Bitcoin Surges in Sync
US President Trump announced online progress in US-Iran talks and postponed strikes against Iran. Following the announcement, the S&P 500 index surged, crude oil fell sharply, and Bitcoin rose in tandem. Market reaction demonstrated high correlation across asset classes. A $1.5 billion futures order drew attention, but there is no evidence of insider trading involvement. This incident revealed the rapid repricing of global markets in response to geopolitical news.
MarketWhisper2h ago
Pi Network Weekly Drop 6%, Bullish RSI Meets Billion-Token Unlock Pressure
Pi Network has recently faced price declines, but technical indicators such as RSI approaching oversold levels and community sentiment remaining positive. Despite bullish signals, increased exchange reserves and upcoming token unlocks present bearish risks, with potential selling pressure likely to suppress prices. Market conditions require close monitoring.
MarketWhisper3h ago
U.S.-Iran War Pause News Caught in Conflicting Reports! Bitcoin Surges Back to $70K, But Analysts Warn of Bull Trap
The United States announced a pause on military strikes against Iran, causing Bitcoin to briefly break through $70,000. Analysts warn that this rally could be a bull trap, predicting Bitcoin may retest $46,000. Market sentiment remains subdued due to geopolitical risks and persistent inflation. Trump faces challenges from Iran and dollar-denominated oil prices amid internal pressure.
CryptoCity3h ago
