Major crypto and macro assets showed sharp moves on February 2, 2026, with Bitcoin and several altcoins hitting important support levels before a relief bounce. Market sentiment swung to extreme fear, and analysts flagged both potential short-term rallies and the risk of deeper declines if key supports fail.
Bitcoin Price Analysis
Bitcoin turned up from the $74,508 level, and buyers were trying to keep the price above the $79,000 area during the intraday relief. At the same time, the Crypto Fear & Greed Index plunged into the “Extreme Fear” zone with a score of 14, reflecting heavy negativity among market participants.
Analyst commentary noted a possible relief zone in the $75,000–$80,000 range, but the charts show selling pressure near the overhead zone that could push the BTC/USDT pair sharply lower. If the $74,508 support gives way, the next downside target discussed in market commentary lies considerably lower, while a decisive break above the moving averages would be the first clear sign of strength.
Ethereum Market Outlook
Ether broke below $2,623 and fell to the next major support at $2,111, with the RSI moving into oversold territory that typically precedes a relief bounce. Any short-term recovery is likely to meet resistance at the 20‑day EMA near $2,833, where selling could resume if bulls cannot sustain momentum.
A shallow bounce from $2,111 or a sharp reversal from the 20‑day EMA would keep bears in control according to the scenarios outlined in the market analysis, while a close above the moving averages would suggest the sellers have lost their edge.
Altcoin Market Trends
Several large-cap altcoins tested critical supports during the sell-off. BNB plunged below its uptrend line and the $790 support, with buyers attempting to defend lower levels; failure to reclaim $790 would reinforce the bearish case and point to further downside pressure.
XRP fought around the $1.61 support and faces the risk of sliding toward its lower channel support if buyers fail to hold. Solana collapsed through $117 and found buyers at $95, but weak follow-through suggests the bears remain active and a break below $95 would signal the next leg down.
Macro Market Context
The S&P 500 defended its 50‑day simple moving average near 6,864, while the US Dollar Index bounced back above the 96.21 support after a brief dip below that level. These mixed macro moves coincide with the risk-off tone in crypto, underlining how equity and dollar dynamics can intersect with digital-asset flows.
Market platforms and sentiment indicators noted rising odds of further downside in some scenarios, and analysts emphasized that the overall picture remains cautious until clear technical breaks or recoveries occur.
Related reading
For context on Bitcoin's recent levels and scenarios, see the 30 January 2026 price forecasts that discuss the $80,600 zone and nearby dynamics. To review broader trend analysis and prior scenarios, consult the January 2026 Bitcoin forecast and the overview of key levels for Bitcoin and altcoins.
Why this matters (for miners in Russia)
Price declines and extreme market fear affect miners primarily through revenue in fiat terms: lower spot prices reduce the value of mined rewards and can compress margins, especially for small operations with household tariffs. Even if bitcoins continue to be mined at the same rate, the ruble or dollar proceeds you realize will depend directly on these asset prices and on short-term volatility.
Extreme sentiment readings mean liquidity can dry up and price swings can be abrupt, making it harder to time large equipment purchases or to sell mined coins without moving the market. At the same time, relief rallies can briefly improve revenue, but they may be met with renewed selling in an uncertain environment.
What to do?
Monitor the price levels named in this analysis—particularly Bitcoin around $74,508 and Ether near $2,111—and treat them as reference points for risk management rather than hard triggers. Keep routine checks on your exchange withdrawal options and fee schedules so you can move funds efficiently when needed.
- Preserve cash reserves to cover power and maintenance for at least several weeks in case prices remain depressed.
- Avoid large, impulsive coin sales into thin markets; consider using staged sell orders or dollar-cost averaging if you need fiat.
- Track local electricity tariffs and any seasonal changes that could affect operating costs, and pause non-essential rigs if running becomes unprofitable.
- Keep firmware and monitoring tools up to date to reduce downtime and unexpected costs during volatile periods.
These steps are practical risk-management actions that do not rely on predicting the market direction, and they help sustain operations whether prices bounce or slide further.
