Bitcoin’s Price Floor Gives Way as $78K Support Collapses

Bitcoin Drops After Key Price Floor Cracks Beneath the Market

Charts show how the slide was set up long before the final flush. Bitcoin topped near $79,300 and spent hours carving out lower highs while momentum quietly faded.

Attempts to reclaim the $78,500 to $79,000 zone have stalled repeatedly, with sellers stepping in faster each time. By early afternoon Feb. 3, the structure cracked, producing a sequence of large red candles that drove price sharply lower. Volume expanded into the decline, confirming that the move was not an accident or a thin-market wobble.

Once $77,500 failed, price floors below offered little friction until the mid-$75,000 range, turning prior support into an overhead problem rather than a safety net. Volume spikes appeared on down candles, which was sell pressure, not rebounds, reinforcing the imbalance.

Coinglass liquidation stats show $347.13 million wiped out across the last 24 hours with $238.27 million being longs. ETH and BTC are leading the liquidations with bitcoin seeing $82 million in longs wiped and ethereum long positions losing $78.82 million.

The absence of a meaningful reaction at $75,000 added to the unease, suggesting traders were more interested in exiting than defending levels. The plunge ends quietly near $75,100, not with panic, but with something colder — acceptance.

FAQ 📉🐻⬇️

• Why did bitcoin drop today?
  Short-term charts show repeated failures near $79,000 followed by heavy selling and expanding volume.
• What price level did bitcoin fall to?
  bitcoin dropped from the $78,000–$79,000 range to roughly $75,100.
• Which charts confirm the move?
  The 1-hour, 5-minute, and 3-minute charts all show lower highs, breakdowns, and strong downside momentum.
• Is this move backed by volume?
  Yes, volume increased during the selloff, especially on the fastest time frames, confirming selling pressure.