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\n\t\t\t\t\t\t\t\t\tBitcoin prices hit a fresh low following a bout of panic selling by short-term holders, deepening the bear market downturn.\u00a0\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin prices tanked to around $73,000 in late trading on Tuesday, its lowest level since November 2024.\u00a0The fall is significant because it dropped below April 2025 support levels, which were around $74,500, confirming bear market territory.<\/p>\n
\n\u201cNegative momentum is currently extreme as the bear market persists following the October 10 flash crash,\u201d reported<\/a> Swissblock.<\/p>\n<\/blockquote>\n
The asset has now crashed 25% in less than three weeks and is down 40% from its all-time high.<\/p>\n
\u201cBitcoin has now crashed over $53,000 in the last 120 days,\u201d observed<\/a> analyst \u2018Bull Theory\u2019 who added:<\/p>\n
\n\u201cEither this is an insane level of manipulation or something huge has broken behind the scenes in crypto.\u201d<\/p>\n<\/blockquote>\n
The move came as geopolitical tensions escalated<\/a> again, with Iran seeking a new format for nuclear dialogue with the United States.<\/p>\n
STH Capitulation Adds to Selling Pressure<\/h2>\n
\u201cShort-term holders have been capitulating over the past few days,\u201d said<\/a> CryptoQuant analyst \u2018Darkfost\u2019.\u00a0More than 40,000 BTC have been sent to exchanges at a loss over the past day or so, they added.<\/p>\n
\n\u201cThis potential selling pressure appears to have impacted the market today. When large amounts of BTC are sent to exchanges, it is mainly for selling purposes.\u201d<\/p>\n<\/blockquote>\n
\n\ud83d\udd34 Short-Term Holders have been capitulating over the past few days.<\/p>\n
In the last 24 hours, more than 40,000 BTC have been sent to exchanges at a loss.
\u2070\ud83d\udca5 Yesterday, that figure even reached 54,000 BTC.
At current prices, this represents roughly $4B.<\/p>\nThis potential selling\u2026 pic.twitter.com\/yX0HcOwSs3<\/a><\/p>\n
\u2014 Darkfost (@Darkfost_Coc) February 3, 2026<\/a><\/p>\n<\/blockquote>\n
Santiment went into further detail, reporting<\/a> that wallets with 10 to 10,000 BTC, which hold just over two-thirds of all Bitcoin, have dumped 50,181 units in the past two weeks alone.<\/p>\n
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However, the world\u2019s largest exchange, Binance, \u201cshows no signs of stress,\u201d reported<\/a> CryptoQuant.<\/p>\n
\u201cReserves hold near 659,000 BTC, netflows remain normal, and reserve movement sits at just 0.6%, nowhere close to the -12% panic withdrawals seen post-FTX,\u201d it added.<\/p>\n
Analyst \u2018Sykodelic\u2019 also remained positive, stating<\/a> that \u201cthis section below the $74K lows will provide the springboard for the next macro leg higher.\u201d<\/p>\n
\n\u201cTaking the lows, losing $74K temporarily, pushing everyone over the edge, even the most staunch of bulls\u2026 baiting a massive bear trap.\u201d<\/p>\n<\/blockquote>\n
Total Market Cap at 9 Month Low<\/h2>\n
Bitcoin had returned to trade at $76,500 at the time of writing in early trading in Asia on Wednesday, so the dip below long-term support was short-lived.\u00a0However, the rest of the crypto market is in meltdown<\/a>, with total capitalization tanking to a nine-month low of $2.64 trillion.<\/p>\n
Ether fell to $2,120 before a minor recovery, and most of the altcoins had crashed to crypto winter lows with very little recovery.<\/p>\n
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