The overall crypto market is in a sharp corrective phase on February 2, 2026, amid risk-off sentiment and deleveraging.
Total market cap hovers around $2.54T–$2.67T, down ~2-3% in 24h and after wiping out $290B+ over the weekend—reflecting heavy weekend low-liquidity selling.
Bitcoin (BTC) trades near $78,000–$79,000 after bouncing 7% from weekend lows around $74,500–$75,000. Still down 10-13% weekly and ~40% from 2025 peaks (~$126K), confirming bear market territory with a break below key supports like $84K.
Daily candlesticks show bearish pressure: large red candles with downside wicks, partial recoveries, and recent breakdowns—classic correction volatility.
Altcoins underperform (ETH ~$2,300–$2,350, sharp drops), Fear & Greed at extreme fear (~16), with billions in long liquidations.
Drivers: geopolitical tensions, stronger USD, hawkish Fed repricing, thin volumes amplifying moves.
Short take for Binance Square: Bears in control—watch $75K BTC support. Break risks deeper slide; hold may stabilize. Position tight, stay cautious!
