Technical Analysis

Bitcoin extended its slide to a $60,500 low after failing to hold above $72,000, dropping over 10%. It now trades below $68,000 and the 100 hourly simple moving average, with resistance at $66,000 and $67,200. A failure below $62,500 and $61,200 could send price back to $60,500 and the $60,000 support.

Zcash traded around $245 after losing the $300 support level, with price action drifting toward the $240–$244 area that now forms a key short-term floor. If this zone fails to hold, the next potential downside region sits in the $200–$210 band, while any rebound faces resistance between $260 and $280 and a major hurdle at $300.

On Feb. 3, chart analyst Crypto Patel said Dogecoin has revisited the $0.10–$0.06 demand zone, portraying it as re-accumulation and a cycle reset after a steep retrace. He outlined upside targets at $0.50, $1.50 and $4.00 with invalidation on a weekly close below $0.06. Patel also cited prior bursts of +17,000% in 2021 and +600% in 2024; DOGE was at $0.09857 at press time.

Retail credit withdrawals on NEXO fell from $136.63 million in January 2025 to $22.04 million by November, then stabilized near $23.957 million in December 2025 and $23.965 million in January 2026. According to CryptoQuant/X, Aave's ETH borrowing peaked near 1.2 million in mid-2025 before easing toward 300,000 by early 2026, while NEXO broke below $0.901–$0.947.

Heading into early February 2026, Midnight (NIGHT), Hyperliquid (HYPE), and Monero (XMR) are bucking weak altcoin sentiment with accumulation and catalyst-led strength. Midnight's Q1 2026 'Kūkolu' phase was outlined in a January update, while HYPE's CMF turned positive and open interest climbed to $793M around Jan. 26–27. Monero's MFI points to fading sell pressure near $305 after an 11-day, 30% drop.

Crypto market sentiment slid to extreme fear as the Fear and Greed Index printed 11. On 4 February, U.S.-listed Bitcoin ETFs saw about $545m in net withdrawals, while Ethereum funds lost around $79m. Rising volatility and weak price action reinforced a risk-off tone across majors and altcoins.

In November 2021, Bitcoin set an all-time high near $69,000. On February 5, 2026, according to CoinMarketCap, BTC slid toward the low $60,000s and erased those gains as more than $1.5 billion in crypto positions were liquidated in 24 hours. The decline followed a leverage unwind, shifting focus to spot demand and the $60,000 area.

According to Cointelegraph, Bitcoin slipped below $63,000 on Thursday, marking its lowest level since November 2024 after a 30% retreat from a failed $90,500 push on Jan. 28. Deribit pricing shows March 27 $90,000 calls near $522, implying roughly 6% odds of a rebound, while $50,000 puts around $1,380 suggest about a 20% chance of deeper losses.

On February 5, 2026, Wall Street desks pivoted to downside scenarios as Bitcoin fell to $63,500 per TradingView, sliding from $70,000 earlier the same day and nearly 40% below its near‑$126,000 peak. Signals and cycle studies from 22V Research, Tallbacken Capital and Galaxy Digital highlighted potential levels near $60,000, $58,000, $45,000 and $35,200, alongside almost $4 billion in ETF outflows over three months.

On February 5, 2026, The Kobeissi Letter reported Bitcoin slipped below $66,000 for the first time since October 2024 and soon traded just above $65,000 amid "emotional" selling. Doctor Profit placed buy orders at $57k–$60k and plans to hold for 2–3 months, while XRP dropped nearly 20% in 24 hours to below $1.25.