Crypto prices today (Feb. 2): BTC dips below $75K, XRP, LINK, XMR slide amid market crash

Crypto prices today are under pressure as Bitcoin and major altcoins extended losses amid forced liquidations and weak liquidity.

The total crypto market capitalization fell 2.8% to about $2.6 trillion. Bitcoin was trading at $75,501 at press time, down 5.2% over the past 24 hours. Losses were heavier across altcoins, with XRP down 4.5% to $1.59, Chainlink sliding 5.5% to $9.48, and Monero dropping 12% to $405.

Trading activity picked up as prices slid. According to CoinGlass data, liquidations over the past 24 hours surged 79% to $520 million, while open interest climbed 4% to $108 billion. That points to traders continuing to use leverage even as conditions worsened, leaving many positions vulnerable once prices dropped further.

Market sentiment is still shaky. The Crypto Fear & Greed Index sat at 14, keeping crypto firmly in extreme fear territory. Momentum also remains weak, with the average relative strength index around 35, showing that buyers are still hesitant to step in.

Liquidity crunch and leverage fuel the drop

In a Jan. 31 post on X, analysts at The Kobeissi Letter said the latest sell-off was driven mainly by market structure rather than news.

“Why is Bitcoin below $79,000? It’s entirely a liquidity situation,” the firm wrote. It pointed to three major liquidation waves totaling about $1.3 billion in just 12 hours. In a market where depth has been inconsistent, heavy leverage led to sharp price gaps as orders were cleared out quickly.

The firm also pointed to how quickly trader sentiment has been flipping. Bursts of optimism are giving way to sudden fear, making price moves sharper and more unpredictable than usual.

Pressure has been coming from outside crypto as well. Hawkish signals from the Federal Reserve and a stronger U.S. dollar have dampened risk appetite. Bitcoin has recently been trading more like a high-risk tech stock than a traditional safe haven.

Geopolitical worries, including tensions around U.S.–Iran relations, have added another layer of caution. Meanwhile, uncertainty around U.S. crypto regulation continues to weigh on confidence, with key market structure and stablecoin bills still stuck in limbo.

Analysts split on depth of correction

Short-term conditions remain fragile, as traders brace for more volatility ahead of major U.S. data releases later this month, including non-farm payrolls and inflation. Bitcoin has slipped below several medium-term support levels, prompting some analysts to say the market may be tipping into a bearish phase.

A growing bearish camp expects further downside. Some point to stretched conditions below lower Bollinger Bands and weakening long-term indicators, warning of possible tests of the mid-$70,000s or lower if selling continues. Analysts at firms such as CryptoQuant and several independent traders have argued that capitulation may not be complete.

Others see room for a rebound. Oversold conditions resemble past setups that preceded short-term recoveries, and February has historically been a strong month for Bitcoin. Some analysts say a move back above $80,000 could open the door to a broader recovery if exchange-traded fund outflows slow and macro conditions stabilize.

XWIN Research Japan, a contributor to CryptoQuant, said the market looks more like a mild, range-bound correction than the start of a full-blown bear market. Its Apparent Demand indicator showed a net outflow of around 19,000 BTC in late January, signaling soft new demand and growing supply pressure.

The firm added that conditions are still far less severe than in past bear markets. Most of the selling appears to be driven by profit-taking rather than panic. While inflows into spot ETFs have slowed and buying from large corporate holders has cooled, there are no clear signs yet of widespread capitulation among long-term holders.