Bitcoin experienced a clinical and relentless selloff on Tuesday, Feb. 3, as a key price floor near $78,000 gave way, sending the largest cryptocurrency down to $75,100. The decline was not a sudden panic but the culmination of technical deterioration and persistent selling pressure.
How the Breakdown Unfolded
Earlier in the session, Bitcoin peaked near $79,300 but repeatedly failed to reclaim the $78,500–$79,000 zone. Each rebound attempt was met with faster and heavier selling. By early afternoon, hourly charts displayed a series of large red candles as the structure broke down decisively. Once $77,500 was lost, lower supports offered little friction until the mid-$75,000 range. Former support levels quickly turned into overhead resistance.
Volume and Liquidation Data Confirm Selling Pressure
Volume expanded sharply during the selloff, particularly on 5-minute and 3-minute time frames, confirming the move was backed by genuine sell pressure, not thin-market noise. According to Coinglass, total liquidations across all exchanges reached $347.13 million in the past 24 hours, with long positions accounting for $238.27 million. Bitcoin longs alone saw $82 million wiped out, while Ethereum long liquidations totaled $78.82 million — together representing more than half of all long positions liquidated.
Market Mood Shifts from Panic to Acceptance
What stood out was the lack of a meaningful bounce near $75,000. Instead of aggressive dip-buying, traders appeared more inclined to exit or stay on the sidelines. Analysts described the atmosphere as one of 'acceptance' rather than panic, suggesting that a sustainable bottom has yet to be found. Bitcoin is now consolidating around $75,100, with the $75,000 level acting as a fragile support. A break below that could open the door to $72,000 or lower.
Key Takeaway
The technical setup is clear: lower highs, breakdowns on increasing volume, and massive long liquidation clusters. Even if a relief bounce occurs, the $78,000–$79,000 zone will serve as heavy resistance. The near-term trend remains bearish, and traders should brace for further downside risk.