The post Bitcoin Price Hits $72.8k, Bitwise CIO Turns Bearish; Is Sub-$70k Next? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has led the wider crypto market in a further selloff. After slipping below its crucial buy zone around $80k last week, Bitcoin price extended its selloff today to hit $72,889 on Tuesday, February 3, for the first time since the first week of November
Bitcoin Price Falls on Leverage Flashouts
As such, more than 167k leveraged traders were flashed out, with more than $730 million liquidated during the past 24 hours. Out of this, more than $528 million involved long traders, amid the notable decline in Bitcoin’s Open Interest (OI)
![]()
According to market data analysis from CoinGlass, Bitcoin’s OI has continued to shrink since the October 11 crypto capitulation to hover about $52.7 billion at press time.
Source: Coinglass
Bitwise CIO Issues Cautionary Note
Following today’s BTC price capitulation to $72k today, Matt Hougan, Bitwise CIO, stated that the flagship coin is under the influence of a multi-month bear market. Hougan stated that the Bitcoin price has been in a bear market since early 2025, but the high institutional adoption and regulatory clarity have blinded investors.
“This is not a bull market correction or a dip. It is a full-bore, 2022-like, Leonardo-DiCaprio-in-The-Revenant-style crypto winter set into motion by factors ranging from excess leverage to widespread profit-taking by OGs,” Hougan stated.
What’s Next?
Hougan, however, stated that the Bitcoin bottom is closer as its four-year bear cycle is in the last phase. Moreover, Hougan believes that Bitcoin investors are banking on regulatory progress and high institutional adoption, to drive a bullish rebound ahead.
Source: X
Nonetheless, onchain data from Santiment shows that key Bitcoin investors have been aggressively selling while retail buys-back, a classic sell signal. From a technical analysis standpoint, if Bitcoin buyers fail to defend $73k in the coming day, a further correction towards $69k will be inevitable.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Today's Cryptocurrency News (March 9) | Strategy aims to raise $300 million; Bitcoin rebounds and breaks through $67,000
This article summarizes cryptocurrency news as of March 9, 2026, focusing on the latest Bitcoin updates, Ethereum upgrades, Dogecoin trends, real-time cryptocurrency prices, and price forecasts. Major Web3 events today include:
1. The Flow Foundation seeks a court injunction to prevent Korean exchanges from delisting FLOW tokens;
2. The probability of a US recession has surged to 40%, with rising oil prices and escalating geopolitical tensions increasing risks;
3. North Korea has stolen $2.8 billion in crypto assets over the past two years, and the US Treasury Department plans to strengthen regulation of stablecoins.
GateNews9m ago
Starcloud Targets Bitcoin Mining in Orbit With New Satellite
Starcloud plans to mine Bitcoin from space using a second spacecraft, aiming to utilize solar energy and the cold environment of low Earth orbit. This initiative could revolutionize energy-intensive computing and address cooling and energy costs for mining operations.
TodayqNews19m ago
New Crypto Buyers Enter the Market: Kazakhstan Plans to Invest Up to $350 Million
The Central Bank of Kazakhstan plans to invest up to $350 million in crypto assets, with investments starting from April to May, accounting for only 0.5% of reserves. At the same time, crypto assets seized by law enforcement will also be included in the national crypto fund, demonstrating the country's further recognition and cautious attitude towards cryptocurrencies.
PANews46m ago
Bitcoin Gold Price Soars 12.83%: Institutional Interest Grows
Bitcoin Gold's price surged by 12.83% to $0.554349, reflecting increased market interest, particularly from institutional investors. Active trading indicates growing retail participation. Traders are monitoring key price levels for potential future trends.
Coinfomania46m ago
UK Reform Party leader Farage invests in Bitcoin company Stack BTC, acquires 6.31% equity
UK Reform Party leader Nigel Farage invests in London Bitcoin company Stack BTC, acquiring a 6.31% stake. This funding round also attracted Blockchain.com to participate, with plans to jointly establish a Bitcoin reserve. Farage believes London should become a global cryptocurrency hub.
GateNews47m ago
