This is part of The Rio Times’ daily coverage of cryptocurrency markets and Latin American financial markets.
Key Points
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- Bitcoin perps traded near $76,406 after a $79,190–$74,550 range on very heavy volume.
- Weekly and daily charts show a clean breakdown, with price now below key trend structure.
- RSI is extremely low across timeframes, so bounces are possible, but the trend remains bearish.
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\nFebruary 2 opened with bitcoin trading like a market that has lost its floor. BTC perps sat near $76,406, down about 2.3% over 24 hours, on roughly $6.37B in notional volume.
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\nThe selloff pushed down to about $74,550 before a partial rebound, but the bounce stayed fragile. Ethereum was hit harder. ETH perps dropped about 7.5% to roughly $2,227 on very heavy volume near $7.75B.
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\nSolana fell about 3% to around $101 after trading as low as $95.8. XRP slid about 4.2% to about $1.58. This was not selective selling. It was broad risk reduction.
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\nThe “safe” corner also broke. Silver fell about 11.6% and gold dropped about 6.3% in perps. Gold-backed tokens and PAXG were down about 5–6%.
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\nWhen both risk and defensives fall together, it often points to deleveraging. It also suggests forced selling and margin pressure. Your charts confirm the damage.
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\nOn Bitstamp, the weekly candle printed O $76,888, H $78,019, L $74,532, C $76,328. The daily candle printed the same open and high, with a low at $74,532 and a close near $76,346. That locks in a new lower range after the late-January breakdown.
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\nThe 4-hour chart shows the intraday story. It printed O $76,201, H $76,719, L $74,837, C $76,385. Price bounced off the lows, but it did not reclaim prior breakdown levels. It still looks like relief buying, not a reversal.
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\nMomentum is now at extreme levels. Daily RSI sits near 22.7 and 4-hour RSI near 23.5. Weekly RSI is also weak, near the low 30s. Those readings can trigger sharp snap-back rallies. They do not, by themselves, repair trend structure.
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\nThe structural risk is clear on the weekly view. Price is now trading below major resistance bands and below the cloud region that acted as support earlier. With Bollinger bands already widened, there is room for continuation selling if bids fail.
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\nThe first line to watch is the mid-$74,000s zone. If that breaks cleanly, the next psychological test is $70,000. Beyond that, the next major long-term support discussion shifts toward the $60,000 area.
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\nA bounce is still plausible because the market is deeply oversold. But the tape remains bearish while rallies keep failing quickly. In this regime, buyers must prove strength by reclaiming levels, not by merely slowing the fall.
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