Bitcoin Tumbles to $63,000 Amid Global Tech Selloff – BTC/USD Outlook
By Elior Manier | February 5, 2026
Market Overview
The cryptocurrency market is currently facing a significant downturn, with Bitcoin experiencing a nearly 50% drop from its all-time high. The total market capitalization has reverted to levels seen during the Trump re-election period, and major altcoins like Solana have seen corrections of 70% or more.
Historical Context
This decline mirrors the tech and crypto market crash of November 2021, where Bitcoin peaked at $69,000 before plummeting nearly 80% to around $15,800. The total crypto market cap fell from over $3 trillion to approximately $736 billion during that period, exacerbated by events like the Terra/Luna collapse and the FTX scandal in 2022.
Current Market Dynamics
After a significant rally from November 2022 lows, Bitcoin's recent performance has been disappointing, with a notable drop from a brief spike towards $75,000. The current market conditions suggest a potential for further declines, with a 70% drop from the recent high of $126,400 possibly bringing Bitcoin back to the $30,000 range.
Technical Analysis
Support and Resistance Levels
- Support Levels:
- $60,000 to $63,000 - Main support from 2024 breakout
- $52,000 to $58,000 - Next support and 200-Week Moving Average
- $25,000 to $34,000 - 2023 breakout base
- Resistance Levels:
- $75,000 - Key long-term pivot
- $80,000 to $83,000 - Mini-resistance
- $90,000 to $95,000 - Pivotal resistance
The weekly chart indicates that Bitcoin is approaching a critical support level at $63,000, which could determine the next movement in the market. Traders are advised to monitor reactions around this level closely.
Investment Strategy
Investors are cautioned against "catching falling knives" during this volatile period. While assets that have lost over 50% can become attractive for accumulation, the risks involved are significant. A careful, progressive approach to scaling in and spreading risk is recommended.