Government shutdown resolution still can't save the market? Bitcoin drops below $77,000, key support levels face testing

Affected by the sell-off wave and macro uncertainties, Bitcoin prices dropped sharply on Wednesday, briefly falling below $77,000 and hitting a low of $73,000, the lowest since November 2024. In the previous week, Bitcoin had already declined nearly 15%, putting pressure on the entire crypto market. The total market capitalization fell to approximately $2.59 trillion, with a single-day decline of over 2%.

On the same day, the U.S. House of Representatives passed a critical funding bill with a vote of 217 to 214, ending the government shutdown that began on January 31. The bill had previously been approved by the Senate and signed into law by President Trump. With a total size of about $1.2 trillion, it can fund most federal agencies through the end of September. However, the Department of Homeland Security’s budget is only secured until mid-February, and further negotiations are still needed. Although political uncertainty has temporarily eased, risk assets have not immediately rebounded.

Market sentiment also shows divergence. Data indicates that on February 3, there was approximately $272 million in net outflows from U.S.-based Bitcoin-related ETFs, while ETFs related to Ethereum, Solana, and XRP experienced varying degrees of net inflows, suggesting some funds are shifting from Bitcoin to other mainstream assets.

From a technical perspective, Bitcoin is currently hovering around $76,000, with significant resistance above $80,000. Key support levels are at $76,000 and $72,000. Although the MACD remains in bullish territory, the histogram is weakening, indicating diminishing momentum; RSI is around 35, approaching oversold levels but not yet extreme.

In the short term, if Bitcoin cannot effectively regain above $80,000, the price may continue testing lower support levels. The market is watching for capital flows and macro policy signals, and upcoming volatility could further intensify.