On Monday, Michael Burry published a Substack note warning that Bitcoin’s slide is spilling into gold and silver, estimating up to $1 billion in metals was sold at January’s end. He said there is "no organic use case reason" for a halt and cautioned a move toward $50,000. On Tuesday, BTC briefly traded below $73,000.

According to Axel Adler, Bitcoin entered a bear cycle in October 2025 and is now in a corrective phase after a local peak near $125,000. Percent unrealized losses have climbed from roughly 7% to around 22% since January, LTH/STH SOPR has compressed to about 1.13 after a ~40% drop, and BTC has failed to reclaim $80,000 amid weak rebounds near $78,000.

According to the article, Bitcoin traded around $76,273 after a 3% move over the past 24 hours, while spot Bitcoin ETFs registered $562 million in net inflows as buyers stepped into weakness. Daily volume reached $67.8 billion, and UK‑listed SWC now holds 2,674 BTC, as chart signals highlight support near $74,000 and resistance around $84,000.

Bitcoin extended its drop under $75,000 and briefly touched $72,865 before attempting a rebound toward $76,500. The price is still trading beneath $79,000 and the 100-hour simple moving average, with a bearish trend line capping BTC near $77,200. If it fails to clear resistance around $77,000–$77,200, another move lower toward $74,000 or even $72,850 remains possible.

Bitcoin remained below $80,000 as on-chain SOPR fell to its lowest in a year, per CryptoQuant. The ratio’s slide toward 1.0 aligns with a local price low near $77,900 and suggests long-term holders have reduced profit-taking, while price stays under the 100- and 200-day averages.

On 4 February 2026, Strategy’s Bitcoin stash stood at 713,502 BTC, equal to about 3.6% of supply and valued near $54.9 billion. Its realized average entry is around $76,000, close to spot, while a recent 855 BTC buy near $88,000 adds faster downside sensitivity. The firm’s funding links market strength to continued accumulation.

With Bitcoin in the $70K band, rising electricity costs are squeezing mining margins and pushing several rigs toward shutdown or break-even, according to Antpool. CryptoQuant data shows miners moved about 175,000 BTC to Binance in January, with single-day transfers nearing 10,000 BTC. Tether's MiningOS aims to reduce operational friction for both small and large mining setups.

Crypto analyst Gert van Lagen says Bitcoin's bullish market structure remains intact if price stays above $74,400. In a recently shared two-week chart on X, he labels the decline as Wave IV and maps a Wave V impulse, with potential targets at $260,000–$320,000 and a final extension toward $400,000.