Bitcoin Falls to $74,604 as Crypto Selloff Deepens; Analysts Eye $60,000–$70,000 Support

Bitcoin traded at $74,604 on Feb. 2 as crypto markets extended declines, with Ethereum at $2,166 and SOL dropping below $100 for the first time in approximately 300 days, BlockBeats reports. Spot gold fell below $4,500 per ounce and silver under $74 per ounce, while U.S. stock index futures and Asian equities also declined. Analysts compiled by BlockBeats offered varying outlooks: Tom Lee said the market remains in a bear phase with heavy near-term pressure and expects ETH to bottom near $2,400; Raoul Pal noted that centralized exchanges passively absorbed roughly $10 billion in assets during the Jan. 11 crash and algorithmic selling tied to U.S. equity market opens could clear by end-February, after which he anticipates a Bitcoin rebound. CryptoQuant's Ki Young Ju said sustained selling without fresh inflows is weighing on BTC but a 70% drop is unlikely unless MicroStrategy's Saylor sells heavily, while Into The Cryptoverse's Benjamin Cowen sees a gradual decline toward the 200-week moving average around $60,000–$70,000 with bear momentum extending into 2026. Trader Qiao Wang said he would begin buying at $60,000–$70,000 and commit fully at $30,000–$40,000, and traders Eugene Ng Ah Sio and Vida disclosed they bought positions and exited by Feb. 1.