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The crypto market has turned green over the last 24 hours, offering some relief after a sharp sell-off earlier this week. Total market value has climbed back to around $2.66 trillion, while sentiment remains careful, with the Fear and Greed Index still deep in “extreme fear” territory.

Bitcoin Finds Support Above $75,000

Bitcoin is trading near $78,700, staying above the $75,000 level, which many analysts see as a weekly support. This zone was tested recently, and so far, buyers have managed to defend it.

On the weekly chart, Bitcoin has slipped below both the 20-week and 50-week moving averages, which is typically a bearish signal. However, this does not automatically mean a long-term bear market. It can also happen after a heavy correction.

One possible scenario is that $75,000 becomes the bottom, with Bitcoin holding the April 2025 low and forming a higher low. If that happens, the broader uptrend of higher highs and higher lows would remain intact, and the recent drop would be seen as a pullback rather than a trend break.

For a stronger bullish signal, Bitcoin would need to reclaim and close above the 50-week moving average, currently near $100,400. A clean weekly close above that level would suggest momentum has shifted back in favor of buyers.

Ethereum Holds Near Important Levels

Ethereum has rebounded to around $2,370, after recently trading near levels that some analysts had flagged months in advance as potential support. Activity on the Ethereum network is reportedly picking up, with increased on-chain usage as traditional financial players continue building infrastructure.

While Ethereum is still down significantly from recent highs, the current bounce has raised hopes that a short-term bottom may be forming if prices can hold above the $2,300–$2,400 zone.

XRP Shows Strong Support

XRP is trading around $1.64, with strong demand seen between $1.60 and $1.65. This area has been tested multiple times, and buyers continue to step in, suggesting a solid base is forming.

If this support holds, analysts say XRP could attempt a move back toward $2.00, with $3.00 or higher possible over time if overall market conditions improve. 

What’s Driving the Market Mood?

Recent selling pressure was fueled by ETF outflows, signaling institutional investors were reducing exposure. A hotter-than-expected inflation report and uncertainty around US monetary policy also weighed on risk assets.

However, some market watchers believe the worst may be over. Veteran strategist Tom Lee has said crypto may have just bottomed, pointing to a rare alignment of time and price targets, along with rising activity on Ethereum.

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Filed under: Bitcoin - @ February 2, 2026 5:19 pm