Bitcoin Slides to $74,500 in February 2026 as Liquidity Strains and Realized Cap Stagnation Challenge Long-Term Bull Thesis

On February 1 and 2, 2026, Bitcoin fell about 13% for the week, breaking below the $80,000 level and touching a nine-month low near $74,500. Analysts link the move to a liquidity squeeze, flat Realized Cap metrics, and macro pressure following Kevin Warsh's Fed chair nomination, while Strategy's average BTC entry price around $76,037 briefly turned negative. Despite this structural stress, some models still point to long-term upside, with projections implying potential recovery toward $113,000 by mid-2026.