#加密市场观察 Bitcoin falls below $73,000. What’s next for the crypto market in February?

Recently, the cryptocurrency market has been volatile. Bitcoin dropped below $73,000, hitting a two-year low, and the market structure is subtly shifting. Meanwhile, Ethereum tested its one-year low, while altcoins unexpectedly showed resilience, sending mixed signals about the market’s direction. During this critical period, where is the February crypto market headed?

Market Status: Divergence and Tests Coexist

Currently, the market is characterized by both divergence and testing. You may have noticed that altcoins have not broken new lows and have quickly rebounded, indicating a structural change in risk appetite among some on-chain funds.
Some investors believe that the “extreme decline” of Bitcoin and Ethereum has largely absorbed macroeconomic and liquidity negative factors, prompting them to seek opportunities in other sectors.
However, the overall market environment remains challenging.
On the macro and liquidity front, the market is experiencing tight liquidity and policy hesitation. The nomination of the new Federal Reserve chair has raised concerns about “hawkish” monetary policy, and global markets face a “liquidity crunch,” putting risk assets under pressure.
Market sentiment is currently in a “extreme fear” state, with the Cryptocurrency Fear & Greed Index hitting a new low in 2026 (score of 14). Emotional recovery will take time.
Technical structures and capital flows indicate that Bitcoin’s key zone around $73,000 is under pressure; if it falls below, it could test $70,000 or lower. Ethereum is seeking support in the $2100 to $2300 range.

Risk Warning

February is a critical period for trend reversal in the market. The resilience of altcoins is a positive signal, but trend confirmation requires core assets to clearly choose sides at key levels. Cryptocurrency markets are highly volatile; invest cautiously.

This analysis is based on public information and historical data and does not constitute investment advice. Please make independent decisions based on your risk tolerance and manage your position risks accordingly.