Crypto Market Under Pressure as BTC Drops Below $77,000
- Liquidity Crunch: The crypto market opened under pressure on February 2, with BTC slipping below $77,000, as thin liquidity and heavy leverage amplified price swings, leading to unstable market sentiment with analysts generally adopting a bearish-to-neutral outlook.
- Surge in Liquidations: Over the past 24 hours, forced liquidations surged by 79% to $520 million, indicating that traders continued to use leverage despite worsening market conditions, which highlights the vulnerability and risks present in the current trading environment.
- External Pressures: Hawkish signals from the Federal Reserve and a stronger U.S. dollar have dampened risk appetite, causing BTC to trade more like a high-risk tech stock rather than a traditional safe haven, while geopolitical tensions have added further uncertainty to the market.
- Diverging Analyst Views: Short-term market conditions remain fragile, with analysts split on whether the market is tipping into a bearish phase; some predict potential tests of the mid-$70,000s, while others see room for a rebound, especially since February has historically been a strong month for BTC.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36100.923 | 48050.461 | 60370.943 | 72320.481 | 84640.963 | 96590.501 | 108910.983 |
| Fibonacci | 48050.461 | 57321.609 | 63049.334 | 72320.481 | 81591.629 | 87319.354 | 96590.501 |
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