New York, Feb 3, 2026, 14:37 EST
- Bitcoin dropped below $75,000 again following a short-lived bounce from a 10-month low
- Derivatives traders have their eyes on $75,000 as the key support, while $70,000 looms as the next major threshold
- Data from CoinGlass revealed that $2.56 billion worth of bitcoin positions got liquidated over the past few days
Bitcoin slipped below $75,000 again Tuesday, hovering near $74,800 in afternoon New York trading following a volatile bounce off a 10-month low. Data from CoinMarketCap showed it swung between roughly $72,900 and $79,100 over the past 24 hours. Coinmarketcap
The recent drop has been driven by a wider risk-off sentiment and forced liquidations in leveraged crypto trades. Data from CoinGlass revealed that $2.56 billion worth of bitcoin positions were wiped out over the past few days as margin calls forced exchanges to close out bets. “Investors were looking for an excuse to lighten up and they finally got several,” said David Morrison, senior market analyst at Trade Nation. Reuters
Options trading suggests the market still sees $75,000 as a critical threshold. Put options — which pay off if prices drop — are heavily concentrated around $75,000, with the next significant support near $70,000, according to Deribit data. “The BTC options market is showing signs of stabilizing,” said Sean McNulty, APAC derivatives trading lead at FalconX. Jeff Anderson, head of Asia at STS Digital, added, “Turnaround Tuesday seems to be in effect.” Co
Bitcoin’s slide continued after a weekend selloff dragged it down to roughly $74,500 in Monday’s Asian session. The cryptocurrency closed January nearly 11% lower, marking its fourth month in a row of losses—the longest streak since 2018, according to Bloomberg. Caroline Mauron, co-founder of Orbit Markets, warned, “A further drop through the 2021 highs around $70,000 would represent a damaging long term confidence hit.” Economictimes
Bitcoin dropped back under $80,000, a threshold it hadn’t fallen below since April 2025, CNBC reported. At one point, the cryptocurrency was down roughly 12% over the past week, erasing more than $200 billion in market value, according to CoinMarketCap data referenced by CNBC. Linkedin
Barron’s noted bitcoin dropped to a 10-month low near $74,553 earlier in the session, with ether and XRP also sliding. The piece linked the declines to investor nerves over President Donald Trump’s pick of Kevin Warsh for Federal Reserve chair. Some traders view Warsh as favoring tighter policy and a smaller Fed balance sheet. Barrons
Traders point to thin liquidity—fewer buyers and sellers ready to handle large orders—as a main driver behind the sharp moves, especially over weekends. “Thin liquidity can quickly turn a routine risk-off move into an air pocket,” Vikram Subburaj, CEO of Giottus, told The Economic Times. The report also highlighted nearly $3 billion in outflows from U.S. spot bitcoin ETFs in the last two weeks. Indiatimes
But this next drop is what really counts. If prices hold under $75,000 for a stretch, spot could slide down to the high $60,000s. And any macro shocks—whether weak labor numbers or a sharper fall in risky assets—might weigh on crypto longer than dip buyers are banking on.
Bitcoin has tumbled to well under its peak of over $126,000 hit last year, shedding about 40% since then. This sharp drop underscores how rapidly sentiment has turned, despite a White House generally seen as more crypto-friendly.
Other big tokens took a hit too. Ether and Solana slipped in the recent selloff, with traders closely eyeing if the downturn will creep from bitcoin into the smaller, more volatile coins.
