Bitcoin Price Collapses as 78K Support Shatters

The latest Bitcoin decline was not loud or dramatic it was clinical, purposeful, and relentless. After peaking near 79,300, the asset spent hours forming lower highs as momentum quietly faded. By the afternoon of February 3, 2026, the structure cracked, triggering a sequence of large red candles that drove the price sharply lower. Jamie Redman noted:
The move increased in volume during the slide, confirming it was neither an accident nor a thin-market wobble.
When the 77,500 level failed to hold, lower price points offered little resistance until the mid- 75,000 range. Previous support levels have now transformed into overhead resistance rather than a safety net. Volume spikes on the downward candles reinforced the market imbalance, as sell-side pressure overwhelmed any attempts at a recovery. By 1:00 PM EST, Bitcoin was trading just below the 75,000 range.
Data from Coinglass reveals that 347.13 million in liquidations occurred over the last 24 hours, with 238.27 million stemming from long positions. BTC and ETH led the wipeout, with Bitcoin longs losing 82 million and Ethereum longs losing 78.82 million. This significant flushing of leveraged positions underscores the severity of the clinical breakdown in price structure.
The lack of a substantial reaction at the 75,000 level suggests that traders are more interested in exiting than defending specific price points. The dip eventually settled near 75,100, marked not by panic but by a cold acceptance of the new market reality. With institutional and retail sentiment cooling, the former support at 78,000 now stands as a major barrier to any future upside.