Crypto Market Under Pressure as BTC Drops Below $77,000
- Liquidity Crunch: The crypto market opened under pressure on February 2, with BTC slipping below $77,000, as thin liquidity and heavy leverage amplified price swings, leading to unstable market sentiment with analysts generally adopting a bearish-to-neutral outlook.
- Surge in Liquidations: Over the past 24 hours, forced liquidations surged by 79% to $520 million, indicating that traders continued to use leverage despite worsening market conditions, which highlights the vulnerability and risks present in the current trading environment.
- External Pressures: Hawkish signals from the Federal Reserve and a stronger U.S. dollar have dampened risk appetite, causing BTC to trade more like a high-risk tech stock rather than a traditional safe haven, while geopolitical tensions have added further uncertainty to the market.
- Diverging Analyst Views: Short-term market conditions remain fragile, with analysts split on whether the market is tipping into a bearish phase; some predict potential tests of the mid-$70,000s, while others see room for a rebound, especially since February has historically been a strong month for BTC.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36142.556 | 48071.278 | 60412.576 | 72341.298 | 84682.596 | 96611.318 | 108952.616 |
| Fibonacci | 48071.278 | 57342.426 | 63070.15 | 72341.298 | 81612.446 | 87340.17 | 96611.318 |
About BTC
About the author
