SINGAPORE, February 2, 2026, 15:27 SGT
- Bitcoin and ether dropped during Asian trading amid a wider risk-off shift in markets.
- Analysts highlighted deleveraging and thin liquidity, while technicians eyed support around $70,000.
- Recent “price prediction” notes that expected rebounds have been overtaken by the ongoing slide.
Bitcoin dropped 2.4% to $74,546 during Monday’s Asian session, with ether (Ethereum) tumbling as much as 5.2% to $2,166. The selloff in precious metals spilled over into risk assets. Christopher Forbes, head of Asia and Middle East at CMC Markets, described it as “risk off and de-leveraging – a flushing out of leverage in the system which has built up.” Reuters
The move is significant because crypto still behaves like a high-volatility gamble tied to liquidity, not a haven when investors get defensive—known as “risk-off.” Riya Sehgal from Delta Exchange reported over $2 billion in leveraged positions were liquidated, meaning exchanges forced traders out of losing bets. She highlighted “low-liquidity weekend trading” and noted that outflows from U.S. spot Bitcoin ETFs—funds holding bitcoin—“amplified” the sell-off. Moneycontrol
Bitcoin’s decline accelerated over the weekend after slipping below $80,000 late last week amid concerns about tighter policy. The cryptocurrency dropped 6.5% to $78,720 on Saturday following the announcement that Kevin Warsh will chair the Federal Reserve, putting renewed scrutiny on the Fed’s balance sheet. Brian Jacobsen, chief economist at Annex Wealth Management, warned it’s “possible, if not likely, that we see more selling over the next few days.” Reuters
Technical traders now have their eyes on $70,000 as the next key round-number hurdle. FXStreet analysts reported bitcoin trading near $74,800, with its relative strength index (RSI) dropping to 20 — a level typically seen as oversold. They warned that if the downtrend continues, ether might fall toward $2,111, while XRP, Ripple’s native token, could slide to $1.30.
Last week felt different. Another FXStreet “Top 3 Price Prediction” note pegged bitcoin close to $89,300 after a pullback, with analysts eyeing support near $87,787 and resistance around $90,000—both now well above current prices. Ether was hovering near $3,000, and XRP around $1.90 at that time. FXStreet
Crypto Expert BNB posted on Binance Square that market watchers are eyeing consolidation with a potential breakout if key supports hold, referencing on-chain analytics firm Santiment. The post also highlighted ETF flows and interest-rate expectations as probable catalysts for the next move.
On Jan 27, Frances Wang at Markets.com noted bitcoin was making a comeback, even as Ethereum and XRP remained under strain. The report highlighted traders grappling with bitcoin’s bounce amid a lack of clear recovery in major altcoins.
Crypto rarely follows a straight path. Oversold signals and weekend gaps often trigger sharp rebounds, particularly if forced selling calms down. Still, slipping decisively below $70,000 might lure in new sellers and trigger further liquidations.
Traders are keeping an eye on whether bitcoin can reclaim the $80,000 level and if ether can hold steady around $2,500. Metals and equities need to settle down, but the market remains jittery after a sharp liquidity shock.
Bitcoin remains far from the peaks it hit late last year. The latest price predictions are taking a cautious tone, as traders look for fresh headlines to set the next move.
