Bitcoin Slides to New 15‑Month Lows After a Short‑Lived $76,000 Rally
February 4 2026
Bitcoin (BTC) broke beneath its previous day’s trough on Wednesday, carving out a fresh low that has not been seen since late 2024. The move comes after a brief bounce that briefly reclaimed the $76,000 level, only to be dismissed by renewed selling pressure during the U.S. trading session.
Price Action Overview
- Intraday dip: Throughout the Wall Street open, U.S. sellers pushed BTC below $73,000, with the one‑hour chart on Bitstamp showing prices briefly under $72,500.
- 15‑month low: The level eclipsed the trough set the day before, returning the market to a zone last occupied in the final months of 2024.
- Failed relief bounce: Earlier in the week, a short‑term rally had lifted Bitcoin above $76,000, but the upside could not be sustained once the market opened in New York.
Macro Context
The softening in Bitcoin coincided with a broader pullback across risk‑on assets:
- Precious metals: Gold failed to recapture the $5,000 psychological barrier, while silver dropped sharply, losing roughly $9 per ounce within a few hours.
- Equities: U.S. stock indices opened lower, reflecting heightened uncertainty surrounding fiscal policy.
- Political risk: The U.S. government averted an immediate shutdown, easing headline risk for the day. However, a looming deadline for Homeland Security funding (extended only to 13 February) keeps fiscal standoffs on the near‑term radar.
Technical Landscape
| Indicator | Current Level | Implication |
|---|---|---|
| 200‑week EMA | ~ $68,000 | Acts as a long‑term support corridor; breach could trigger deeper declines. |
| Key support | $70,000 (psychological) | Still intact but under pressure; a break may open the $65k‑$60k band. |
| Potential downside | $50,000‑$55,000 | Frequently cited as the next major target if bearish momentum persists. |
| Liquidation heatmap (CoinGlass) | Long‑positions concentrating above $72,000 | Elevated liquidation risk could accelerate price drops if the market turns against longs. |
Traders highlighted the volume pattern accompanying each downward move: heightened selling volume each time price dipped, a hallmark of “bear‑market price action.” One analyst noted that if the weekly candle closes below $74,000, a slide toward the $50,000 region becomes a realistic scenario.
Market Sentiment
- Short‑term outlook: Market participants are split between a “straight‑down” trajectory and the possibility of another modest relief bounce before a larger correction.
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Trader commentary:
Roman on X described the recent weekly candle as “ugly for bulls” and warned that a sub‑$74,000 close would likely push the price into the $50k‑$55k range.
CJ on X placed the next focal point for downside testing between $59,000 and $65,000, acknowledging that a brief bounce could precede that move. - Liquidity pressure: Over $800 million in crypto‑related liquidations were recorded across the 24‑hour period, indicating that leveraged positions are being forced out of the market as prices falter.
Key Takeaways
- Lower lows confirmed: Bitcoin has breached its previous low, re‑establishing a bearish trend that has not been seen since late 2024.
- Relief bounce proved fragile: The brief recovery above $76,000 failed to generate lasting buying interest, underscoring the market’s prevailing risk aversion.
- Technical supports under stress: The $70,000 psychological level and the 200‑week EMA near $68,000 now serve as the primary defense points; a break may open the path toward the $50,000‑$55,000 corridor.
- Macro backdrop remains cautious: Weakness in gold, equities, and lingering fiscal‑policy uncertainties are contributing to a risk‑off environment that pressures crypto assets.
- Liquidity crunch: Concentrated long‑position liquidations above $72,000 could accelerate declines if bearish momentum persists.
Outlook: While the market may still produce a modest corrective rally, the prevailing technical and macro indicators suggest that Bitcoin is likely to continue testing lower support zones in the coming weeks. Traders and investors should monitor volume dynamics, liquidation thresholds, and any fresh macro news that could either bolster risk appetite or reinforce the current downtrend.
The information provided does not constitute investment advice. Readers are encouraged to conduct their own research before making trading decisions.
Source: https://cointelegraph.com/news/bitcoin-price-new-15-month-low-under-73k-crypto-liquidates-800m?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
