Since then, the downside sequence has completed, and the indicator has now flashed a fresh buy signal-like a drunken suitor declaring love after a night of tequila. But beware, dear reader, for this shift occurs not in the glow of prosperity, but in the shadow of exhaustion. A short-term recovery window? More like a fleeting mirage in the desert of despair.
Bitcoin, once a king, now a pauper, couldn’t hold its ground above $76,000. It tumbled, a sad clown, below $75,000, $74,000. The bears, those ruthless creatures, pushed it down to $72,865. A low point, indeed, like a man who’s lost his last dime in a game of chance.
Ah, and behold! The latest revelations from CryptoQuant-a name that rings with the echo of foreboding. The Spent Output Profit Ratio (SOPR), that delightful little metric, has plummeted into the abyss, marking the lowest depths of the year. One cannot help but ponder whether the coins being spent are now mere shells of their former glory, moving at a profit or loss, reminiscent of those desperate characters who cling to the hope of fortune even as the world crumbles around them.
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!