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Fear stays high, volatility remains strong, and investors stay cautious amid global uncertainty
The global cryptocurrency market faced strong selling pressure on February 02, 2026, as most major digital assets traded in the red zone. Bitcoin, Ethereum, and leading altcoins extended recent losses, showing weak investor confidence. The overall digital asset space capitalization dipped further, showing broad weakness.
Bitcoin
Bitcoin, the largest cryptocurrency by market value, continued to struggle on February 02, 2026. The price moved between the intervals of $77,000 to $78,000. At the time of observation, Bitcoin was trading near $77,767, showing high intraday volatility and repeated attempts to hold key support levels.
Analysts noted that Bitcoin failed to sustain above important resistance zones, which increased selling pressure. Forecast models for the day suggested an average price near $77,020, with possible lows around $75,800 and highs limited below $78,300. These levels highlighted the ongoing bearish trend in the market.
Ethereum and Altcoin Performance
Ethereum experienced its second-biggest daily dip, which started after Bitcoin began its downward trend. On February 02, 2026, ETH lost almost 10% of its value when it traded below $2,430 during the day.
The derivatives markets experienced significant selling, which caused massive liquidations that created huge drawdowns for asset prices. Market participants observed that Ethereum could reach support levels at approximately $2,300 if current selling activities do not stop.
Market Sentiment and Key Factors
Investors expressed strong negative feelings about market conditions. The Crypto Fear and Greed Index stayed in the extreme fear zone around 14, indicating high levels of caution among traders.
The price reading at this level indicates that traders panic, which leads to panic selling and a loss of confidence in recovery. Whale wallets created market instability after they completed large Bitcoin and Ethereum transactions.
Regulatory Developments Impacting Cryptocurrencies
The digital asset space faced greater pressure when regulatory news changed the market outlook. The Finance Bill 2026 created new reporting regulations and compliance standards that holders must follow according to the Indian government.
These rules included penalties for non-disclosure, which created concern among investors and traders.
The Indian Budget 2026 maintained existing tax rates for cryptocurrencies, which disappointed some industry stakeholders who anticipated reforms and reductions. The absence of positive policy announcements diminished local market optimism, simultaneously affecting global market sentiment.
Final Thoughts
The cryptocurrency market’s future continues to be unpredictable. Bitcoin and Ethereum might experience erratic price movement as traders monitor support and resistance areas. The digital asset space will see further dips if negative macroeconomic information or regulatory news emerges.
Despite the current weakness, some long-term investors continue to view price corrections as accumulation opportunities. In the short run, market conditions remain challenging, and recovery may take more time than expected.