Although the bounce has eased immediate downside pressure, a technical analysis shared on X shows that the move may be occurring within a much larger bearish structure that could still have enough time to develop. Perhaps it’s a conspiracy, or maybe just the universe’s way of saying, “You’re not ready for this.”
Our charming little shutdown saga kicked off at 12:01 a.m. EST on January 31, when Congress, in a stunning plot twist, forgot to pass funding for six appropriations bills. You know, small details like immigration reforms and spending levels that really get the party started.
While Bitcoin, that stoic patriarch of the digital realm, continued its somber descent, the altcoins-those impulsive offspring of speculation-plummeted with a fervor that could only be described as theatrical. In stark contrast, the precious metals staged a rally so majestic, one might mistake it for a triumphal procession.
This isn’t just a drop; it’s a free fall. After weeks of clinging to life like a koala on a trampoline, Bitcoin finally gave up and asked, “What’s the point?” According to TradingView, it hit a measly $73,000, a 7% single-day loss that makes your ex’s Instagram captions look optimistic. And let’s not forget the symbolic mid-$80,000 support zone-now a tombstone for hope.
Bitcoin and other large-cap cryptos are hogging the spotlight, while altcoins are being written off as a lost cause. But let’s be honest, who hasn’t written off something and then regretted it? Months of sideways action have led to the belief that altcoins are dead. But hey, at least they’re not losing money in a different way.
In a missive dated February 1, 2026, the prophet Alex Thorn, Galaxy’s oracle of woe, declared last week’s drawdown no mere tremor but a harbinger of apocalypse. Bitcoin, that fickle idol, plummeted 15% from January 28 to 31, its descent accelerating with the fervor of a damned soul. Saturday alone witnessed a 10% slide, a cataclysm that triggered liquidations of biblical proportion, wiping out $2 billion in long positions-a massacre of optimism on the altars of greed.
Moscow Exchange (MOEX) is expanding its crypto derivatives menu, because apparently, Bitcoin and Ethereum weren’t cutting it. Now they’re adding Solana, XRP, and TRX to the mix. Why? Because Russia’s all about that institutional access to digital assets. And what better way to do it than with futures contracts? It’s like adding more lanes to a highway during rush hour-total mayhem, but hey, progress!
From a market behavior standpoint, recent price action resembles a group of indecisive aliens trading paperclips-controlled distribution rather than forced liquidation. During similar phases in past Bitcoin drawdowns, participants typically reduce exposure gradually, like a sloth learning to use a calculator. Current conditions reflect that pattern, with liquidity thinning faster than a British summer and risk appetite cooling with the enthusiasm of a lukewarm cup of tea.
On the daily stage, Bitcoin remains under the weight of considerable selling pressure, its recent decline into the seventy-four thousand dollar demand zone a spectacle of note. This realm, it must be said, aligns with a significant weekly nadir, a point of defense for those eager buyers who yet hold their ground. Just beneath this fortress lies a veritable quagmire of liquidity, a cluster of long liquidation levels, where the drama of price behavior shall determine the next act in this financial comedy.
The sellers, meanwhile, were all show and no go. They danced around the price like fireflies in a storm, flaring up but never lighting anything. The real money wasn’t on the exchanges-it was in the back alleys, where wallets fattened up with the slow patience of a man waiting for a train that might never come. This wasn’t a sprint; it was a long, dusty march toward a horizon where “medium-term” means “I’ll think about selling next Tuesday.”