The post Bitcoin Price Hits $72.8k, Bitwise CIO Turns Bearish; Is Sub-$70k Next? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has led the wider crypto market in a further selloff. After slipping below its crucial buy zone around $80k last week, Bitcoin price extended its selloff today to hit $72,889 on Tuesday, February 3, for the first time since the first week of November
Bitcoin Price Falls on Leverage Flashouts
As such, more than 167k leveraged traders were flashed out, with more than $730 million liquidated during the past 24 hours. Out of this, more than $528 million involved long traders, amid the notable decline in Bitcoin’s Open Interest (OI)
![]()
According to market data analysis from CoinGlass, Bitcoin’s OI has continued to shrink since the October 11 crypto capitulation to hover about $52.7 billion at press time.
Source: Coinglass
Bitwise CIO Issues Cautionary Note
Following today’s BTC price capitulation to $72k today, Matt Hougan, Bitwise CIO, stated that the flagship coin is under the influence of a multi-month bear market. Hougan stated that the Bitcoin price has been in a bear market since early 2025, but the high institutional adoption and regulatory clarity have blinded investors.
“This is not a bull market correction or a dip. It is a full-bore, 2022-like, Leonardo-DiCaprio-in-The-Revenant-style crypto winter set into motion by factors ranging from excess leverage to widespread profit-taking by OGs,” Hougan stated.
What’s Next?
Hougan, however, stated that the Bitcoin bottom is closer as its four-year bear cycle is in the last phase. Moreover, Hougan believes that Bitcoin investors are banking on regulatory progress and high institutional adoption, to drive a bullish rebound ahead.
Source: X
Nonetheless, onchain data from Santiment shows that key Bitcoin investors have been aggressively selling while retail buys-back, a classic sell signal. From a technical analysis standpoint, if Bitcoin buyers fail to defend $73k in the coming day, a further correction towards $69k will be inevitable.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Cathie Wood: BTC has entered a mature stage; 85%-95% will either experience a deep drop or become a thing of the past
ARK Invest founder Cathie Wood says Bitcoin has entered a mature phase, and that the large drawdowns of the past may be behind us— even a future 50% pullback would be considered progress. She noted that Bitcoin has grown into a mature monetary system and asset class.
GateNews7m ago
BTC is trading in a tight range around $67,000, and SOL futures open interest hits a new two-month high
On April 3, the crypto market continued to trade in choppy conditions. Bitcoin was consolidating around $67,000, maintaining its broader downward trend that began last October. The futures market saw thin trading, with Solana futures open interest hitting a new high, and the volatility index falling to its lowest level since February. Market structure indicates that short positions are increasing.
GateNews1h ago
BTC drops below $65k; the long position liquidation strength will reach $65k. Breaking above $68k, the short position liquidation strength will reach $754 million
According to Coinglass data, if Bitcoin falls below $65k, long positions on major CEXs will be liquidated to the tune of $65k; if it breaks above $68k, short positions will be liquidated to the tune of $754 million. The liquidation chart reflects the strength of the market reaction when price touches a certain level.
GateNews1h ago
Naoris Protocol's quantum-resistant blockchain goes live as Bitcoin and Ethereum face 'Q-Day' threats
Naoris Protocol launched a quantum-resistant blockchain, designed to secure transactions against future quantum threats. It utilizes post-quantum cryptography and has validated over 100 million transactions, preparing to protect digital assets despite vulnerabilities in existing systems like Bitcoin and Ethereum.
CoinDesk2h ago
Strategy common stock MSTR sees a sharp pullback, while preferred stock STRC still maintains stable returns
The Strategy Company offers two investment options for Bitcoin investors: high-risk, high-reward MSTR common stock and stable-dividend STRC preferred stock. MSTR amplifies price volatility and is suitable for high-risk investors; STRC provides an annualized 11.5% dividend and is suitable for retail investors seeking stability. The choice depends on an individual’s risk tolerance and investment goals.
GateNews2h ago
