Nearly $500B wiped out in recent days, extreme fear sentiment rising, and key support levels being tested

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The cryptocurrency market is facing strong selling pressure on February 6, 2026. Prices of major digital assets remain sharply lower compared to recent highs, and volatility is very high across global exchanges. Market sentiment is weak, and traders are reacting to both technical breakdowns and broader economic uncertainty.

Bitcoin Price Today

Bitcoin (BTC) is currently trading around $64,710. The price shows a dip of 8.81% from the previous close. During the day, Bitcoin touched an intraday high of $71,734 and a low of $60,297.

This level is important as Bitcoin recently fell close to the $60,000 support zone, which many analysts are watching carefully. The recent drop continues a wider downtrend that started after the October 2025 peak. From its late 2025 high above $125,000, Bitcoin has now lost nearly half of its value. Such large corrections have happened before in crypto history, but the speed of the fall has surprised many market participants.

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Ethereum Price Today

Ethereum (ETH) is trading near $1,908.26, down 9.02% from the previous close. The intraday high was $2,139.54, while the intraday low reached $1,757.03.

Ethereum is moving closely with Bitcoin, showing a similar downward pattern. Investors are reducing exposure to risk assets, and Ethereum has not been spared. The fall below the $2,000 level has also affected market confidence.

Network activity remains steady, but price action is currently dominated by macro and sentiment factors rather than fundamentals.

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Solana and Altcoins Performance

Solana (SOL) is trading around $76.99, dipping by 15.15% from the previous close. The intraday high was $92.95, and the low touched $72.43. Solana is showing deeper losses compared to Bitcoin and Ethereum, which indicates a higher risk appetite earlier is now reversing quickly.

Altcoins are underperforming in today’s market. XRP has led a large portion of the losses among large-cap tokens. Smaller tokens are seeing even higher volatility, and market confidence appears fragile.

Market Sentiment and Liquidations

The cryptocurrency market has lost almost $500 billion over the past few days. The digital asset space’s downturn has been intensified by forceful liquidations that occurred at derivative trading platforms. Market panic escalates when traders who use borrowed funds experience price drops because their assets get liquidated.

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Current sentiment indicators depict what analysts classify as "Extreme Fear." Traders exhibit extreme caution because they exhibit minimal interest in risk-taking. The market experiences brief upward movements, which are followed by immediate selling pressure.

Institutional Activity and Macro Pressure

Crypto exchange-traded funds and institutional investment products have experienced substantial capital withdrawals. Large investors are shifting capital away from volatile assets due to global market uncertainty. 

The equity markets have shown weakness, particularly in technology stocks. The crypto market demonstrates strong connections with risk assets, which means that the current risk-off atmosphere affects digital currencies.

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Some analysts declare that Bitcoin has entered a bear market because of the ongoing correction. The crypto market requires a drawdown that exceeds 50% from peak levels, which generally indicates an upcoming extended consolidation period, although fast reversals remain a common phenomenon in crypto markets.

Regulatory Developments

Multiple nations are currently increasing their focus on regulatory matters. India is currently discussing new reporting systems that will enhance transparency in cryptocurrency transactions. Regulatory frameworks will define the key discussion points as stakeholders are observing how government bodies handle recent market fluctuations.

Market Outlook

The $60,000 level for Bitcoin is acting as a major psychological and technical support. If this level breaks decisively, further downside cannot be ruled out. On the other hand, if support holds, short term relief rally may happen.

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Volatility remains elevated, and sudden price swings are likely to continue. The crypto market is going through one of its sharpest corrections since the 2024 cycle recovery. Whether this turns into a prolonged bear phase or becomes a strong accumulation opportunity will depend on macro stability, institutional flows, and investor confidence in the coming weeks.

For now, February 6, 2026, shows a market under pressure, with major digital assets trading significantly below their recent highs and uncertainty still dominating sentiment.