No Good News, How Low Will Bitcoin Go

By: blockbeats|2026/02/01 08:00:01

The only resilient asset in the crypto world, Bitcoin, has also started to falter. In the early hours of the first day of February, a sharp correction brought it down to $75,000, piercing through the whale manipulations we have long trusted.

After nearly a year, we are once again seeing Bitcoin starting with a 7. The peak of the 2021 bull market was $69,000, very close indeed.

As usual, we must still look for reasons.

Geopolitical Conflict

First is international conflict. On the self-proclaimed fastest news source, platform X, several videos show explosions in various parts of Iran. Currently, the U.S. and Israel have not made any statements, and the authenticity is yet to be confirmed.

Iran is also conducting military exercises in a sensitive area, boldly displaying its lack of fear.

The conflict between the U.S. and Iran appears to be something already known but not confirmed in the market. The recent movements of a U.S. aircraft carrier and Iran's response caused a plunge in global risk assets, including gold. Increased uncertainty always leads Bitcoin, a 24/7 traded asset, to fluctuate first.

Government Shutdown

In the early hours of the 31st local time, the U.S. government officially began a partial shutdown. How fast, it feels like the last shutdown was just last year.

Prior to this, the U.S. Senate passed a spending bill to fund most federal government agencies and sent it to the House for consideration. However, since House members were not in Washington and would not return until Monday (February 2), a partial shutdown could not be avoided after the Senate vote.

Compared to the last record-breaking shutdown, this one seems less severe, but it's still not a good sign. The main issue is the locking up of hundreds of billions of dollars in liquidity, happening over the weekend when liquidity is already scarce. It can't get any worse.

Fear of Monday

The epic plunge of gold and silver, rumors of U.S. banks already collapsing, and the market still pricing in uncertainty; what will happen on February 2 is a global focus.

-- Price

Where Will It Drop To

Placeholder VC Partner Chris Burniske previously stated the need to focus on key support levels such as $80,000, $74,000, $70,000, $58,000, and $50,000 and below. Short-term price movements are not the core focus. If the price rebounds, hold and gradually diversify. If there is a significant pullback, consider it an opportunity to increase holdings of Bitcoin and high-quality crypto assets.

Trader Merlijn The Trader previously stated that Bitcoin's key support level was around $80,000. Historical data shows that approximately 127,000 BTC were bought in that price range.

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About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

Follow WEEX on social media

X: @WEEX_Official

Instagram: @WEEX Exchange

Tiktok: @weex_global

Youtube: @WEEX_Official

Discord: WEEX Community

Telegram: WeexGlobal Group

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