Bitcoin Bounces Back: Will It Dance to $100K or Stumble to $60K?

by

Oh, darling, after the liquidity-driven crypto calamity that sent us all into a tizzy over the February 1 weekend, it seems our beloved market is attempting a rather dramatic recovery. How delightfully theatrical!

Bitcoin, that charming little rascal, is currently frolicking around $78,456, a sprightly 4% up from its recent lows. And look at those top altcoins prancing about-Ethereum is leading the pack like a poodle in a dog show, climbing to $2,291 with a modest volatility of 0.4%. Truly, the drama!

The rally has been attributed to the US-India trade deal making progress, which is smashing down barriers faster than a socialite at a cocktail party. Meanwhile, geopolitical tensions seem to be easing, with thrilling discussions scheduled between the US and Iran on February 6. One can hardly wait for the next act!

Crypto Market Adds $100 Billion: A Magical Mystery Tour!

On February 2, the cryptocurrency market experienced a dizzying downturn, with Bitcoin plummeting to a shocking $75,000. But fear not! The market, like a phoenix rising from the ashes-or perhaps just a well-timed magic trick-has regained over $100 billion in its overall market cap in the last 24 hours. Bravo!

According to the ever-so-reliable Coinglass, liquidations reached a staggering $324 million in the past day, with $231 million of that coming from shorts. Will this rally hold? Only time-and perhaps a crystal ball-will tell.

The macro outlook is positively sparkling, with US and India shaking hands and agreeing to reduce tariffs from a bewildering 50% to a much more palatable 18%. What a lovely turn of events!

And as for the US-Iran tête-à-tête, it appears that cooler heads are prevailing. The Washington Post has revealed that White House special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi will meet in Istanbul. Let’s hope they bring tea and biscuits!

Meanwhile, on February 2, White House officials had a lovely chat with crypto companies and banking representatives to break the deadlock over a rather important crypto market structure bill. It’s all very riveting.

Bitcoin Price Outlook: Hold onto Your Hats!

After its dramatic plunge to $75,000, Bitcoin is now showing signs of relief, currently trading at $78,701. How marvelous! However, on the weekly chart, it has slipped below both the 20-week and 50-week moving averages. Quite the cliffhanger!

Analyst Bull Theory presents us with two tantalizing scenarios. In the optimistic version, Bitcoin holds its ground above $75,000, maintaining the upward trend-how positively hopeful! A decisive close above the 50-week MA near $100,400 would signal that buyers are back in charge. Cue the confetti!

Bitcoin Weekly Analysis:

Will it gallivant to $60k or shoot for the stars at $100k?

Currently, Bitcoin flirts with the $75,000 level, a crucial support zone. How it behaves here will determine the next grand performance.

– Bull Theory (@BullTheoryio) February 2, 2026

However, should the unthinkable happen-a break below the April 2025 low-we might be looking at a rather dismal fate for our dear Bitcoin, potentially spiraling towards the $50,000-$60,000 range. Isn’t life just full of surprises?

Ultimately, the fate of the crypto market hinges on Bitcoin’s ability to maintain that oh-so-important $75,000 level on weekly closes. Quite the cliffhanger, wouldn’t you agree?

Read More

2026-02-03 13:23