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
CryptoQuant Analyst: Bitcoin NUPL-MVRV indicator reaches 0.33, indicating that extreme selling conditions are moderating
Gate News Announcement, March 8 — CryptoQuant analyst Axel posted on X platform that Bitcoin may have entered the mid-stage of this bear market cycle. Data shows that the NUPL–MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms typically occur around the -0.5 level. The chart indicates that the start of the bear market cycle is trending upward, suggesting that extreme selling conditions are moderating. However, the indicator remains well above historical bottom levels, indicating that a full-scale market sell-off has not yet been confirmed.
GateNews12m ago
Polkadot to Reset Tokenomics on March 12 With Major DOT Supply and Staking Changes
Polkadot will introduce a new monetary framework on March 12 that sets DOT’s supply cap at 2.1 billion and lowers emissions by 53.6%.
The overhaul will also create a Dynamic Allocation Pool and shorten the DOT unbonding period from 28 days to 24–48 hours.
On March 12, Polkadot will reset
CryptoNewsFlash4h ago
Bitcoin May Be Closer to a Bottom Than Most Think, Chart Signals
The Bitcoin price slipped about 2% today, trading slightly below $68,000 after pushing above $73,000 earlier this week, as already covered on our site. The move added fresh pressure to a market that still feels shaky, especially after several failed attempts to hold higher levels.
Still, not e
CaptainAltcoin4h ago
Dogecoin Monthly Breakdown Pattern Reappears as Price Tests $0.0918
Dogecoin is currently trading at $0.09205 at a gain of 2.3, with support of above $0.08878.
As can be seen in the monthly chart, there are recurring breakdown areas that have been followed by significant expansions in price.
The short-term trading range is narrow and the immediate point o
CryptoNewsLand4h ago
Solana Eyes $90.6 Trigger Point as $83 Support Holds and Liquidation Pressure Builds
A large cluster of short positions faces liquidation if SOL reaches $90.6, potentially increasing volatility.
SOL trades between $83.00 support and $89.58 resistance, keeping price action compressed in the short term.
SOL posts a 0.8% daily gain and rises 0.7% against BTC, holding
CryptoNewsLand4h ago
Crypto Market Plunges As Extreme Fear Controls Investor Sentiment
The global crypto market is notably bearish, with a 2.93% drop in market capitalization to $2.32T. Bitcoin and Ethereum saw decreases of 3.07% and 4.01%, respectively. Meanwhile, notable gainers include $XBTC, $TRUMP, and $PEPE. DeFi TVL and NFT sales also declined significantly, while key investments from YZi Labs and Kazakhstan's central bank emerged.
BlockChainReporter5h ago
