PANews reported on February 2nd that Singapore-based crypto investment firm QCP Capital analyzed that after Kevin Warsh was officially confirmed as the next FederalPANews reported on February 2nd that Singapore-based crypto investment firm QCP Capital analyzed that after Kevin Warsh was officially confirmed as the next Federal

Analysis: Bitcoin's future price movement hinges on whether it can hold the $74,000 support level.

Author: PANews

Source: PANews

2026/02/02 17:28

2 min read

PANews reported on February 2nd that Singapore-based crypto investment firm QCP Capital analyzed that after Kevin Warsh was officially confirmed as the next Federal Reserve Chairman, Bitcoin fell below the $80,000 support level on Saturday, hitting a low of $74,500, while Ethereum simultaneously fell below $2,170. A new round of deleveraging occurred in the market, with over $2.5 billion in long leveraged positions being liquidated. Coupled with continued outflows from ETFs, market sentiment was further dampened. Risk aversion continued to spread after Warsh's appointment, impacting the stock market and extending to traditional safe-haven assets. Gold and silver prices continued their correction as investors reassessed the policy path under Warsh's leadership. Rising market expectations for policy normalization or tightening weakened demand for non-interest-bearing precious metals, and increased margin requirements from futures exchanges accelerated the liquidation of leveraged positions.

Bitcoin is currently finding support above $74,500, a level that coincides with the technical low of the 2025 cycle. Options market signals remain cautious, with a clear put skew, but hedging demand has eased compared to the extreme levels seen during Bitcoin's drop from $107,000 to $80,500 last November, potentially reflecting investors positioning themselves for a short-term bottom. However, market momentum remains weak, with upside potential capped by recent resistance levels. The key to future price action lies in holding the $74,000 support level. A break below this level could trigger a deeper correction; a return above $80,000 would help normalize volatility and options skew. The market is focused on whether institutions are re-accumulating positions near the average cost of $76,000, as well as geopolitical risks and policy signals from the Federal Reserve.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.