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
Today's cryptocurrency fear and greed index dropped to 10, still in extreme panic state
Gate News reports that on March 22, according to data from Alternative.me, the cryptocurrency fear and greed index dropped to 10, continuing its decline from yesterday's 12, and the market remains in a state of "extreme fear."
GateNews23m ago
Shiba Inu (SHIB) Sees Shorts Exit in 4 Hours While Price Eyes Recovery - U.Today
Shiba Inu's price fluctuated recently, rising to $0.00000622 before falling below the daily MA 50 at $0.00000604. Despite brief liquidations of short positions, long traders faced larger losses. Open interest in SHIB increased by 14.31%, indicating a growing trust in its potential rise amidst market uncertainties.
UToday48m ago
Why Isn’t XRP Surging With Adoption Growth? Evernorth CEO Explains
XRP’s price disconnect from real-world usage is raising concern as Evernorth CEO Asheesh Birla signals institutional adoption remains too limited to support sustained demand, despite expanding infrastructure ambitions across the network.
XRP Pricing Disconnect Highlights Institutional Gap
A
Coinpedia1h ago
Ethereum Mirroring April 2025 Crash Points to $1,750 As the Definitive Cycle Bottom
In the fast-paced world of cryptocurrency, what initially appears to be mere coincidence in fractal patterns gradually transforms into a striking precision as these patterns evolve. A prominent analyst Ash Crypto recently made a
BlockChainReporter1h ago
