Bitcoin is currently in a clear downtrend, with prices sharply decreasing from ATH ~$126,000 (October 2025) to the range of $70,000–$73,000, completely erasing the "Trump bump" after the 2024 election. Today (2/5/2026), BTC is fluctuating around $70,900–$71,400, down an additional ~3-7% for the day, with large liquidations from leveraged longs and outflow from spot ETF.
Main reason:
👉Macroeconomic pressure: The Fed maintains a hawkish stance, bond yields rise, geopolitical instability.
👉 Leverage liquidation: Billions of dollars in long positions have been liquidated, open interest has reset to a low level.
👉 Market sentiment: The Fear & Greed Index is at Extreme Fear (~11).
However, the daily RSI is at an oversold level (below 30), which is a signal that often appears before a short-term bounce or a consolidation phase.
Important support level: $68,000 – $70,000 (2024 low).
Resistance level: $75,000 – $78,000.
DYOR & NFA – Trade safely, avoid FOMO/FUD. Do you think BTC will consolidate around $70k or break down to $60k? Comment below!
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