Bitcoin Price Today: Opens $84K, Dives to $77K
Bitcoin extended its decline on January 31, slipping below the key $80,000 psychological level amid intensified selling pressure across the crypto market. The world’s largest cryptocurrency traded in the low-to-mid $78,000 range during the session, marking one of its weakest daily performances in months.
The breakdown below $80,000 triggered a wave of forced liquidations across derivatives platforms, accelerating the downside move. Within hours, more than $1 billion in leveraged positions were wiped out across the broader crypto market, with Bitcoin accounting for the largest share.
Liquidations Amplify the Downside Move
As BTC lost short-term support near $82,000-$80,000, stop-loss orders and margin calls cascaded through the market. Elevated open interest in perpetual futures left traders vulnerable to a long squeeze, intensifying volatility.
The spike in liquidation volume suggests the selloff was driven not only by spot selling but also by aggressive deleveraging. Rapid forced closures added momentum to the drop, pushing Bitcoin to session lows before modest stabilization attempts emerged.
Macro Pressure
Beyond technical breakdowns, broader macro uncertainty contributed to risk aversion. Shifts in interest-rate expectations and cautious positioning across global markets weighed on speculative assets, including cryptocurrencies.
The total crypto market capitalization fell sharply alongside Bitcoin, erasing tens of billions of dollars in value during the session. Ethereum and other major altcoins followed BTC lower, reflecting widespread market weakness.
While intraday rebounds remain possible after such heavy liquidations, Bitcoin must reclaim the $80,000-$82,000 zone to signal short-term stabilization. Until then, traders are watching the mid-$70,000 area as the next potential support level if selling pressure persists.
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