Bitcoin Morning Brief | Tuesday, 03 Feb 2026 Bitcoin isn’t crashing. It’s being tested. And the test isn’t over yet. Bitcoin is stabilizing in the high $70Ks after dipping near multi-month lows, but the calm feels fragile. The market just absorbed another heavy wave of liquidations, flushing excess leverage and leaving traders far more defensive than they were a few weeks ago. Options activity shows growing demand for downside protection, a clear signal that fear is now being priced in rather than ignored. Institutional support has softened as ETF flows cooled, removing a key source of steady demand at a critical moment. At the same time, macro uncertainty continues to pressure risk assets, and Bitcoin is still trading in sync with broader risk-off sentiment. Volatility remains elevated, meaning sharp moves in either direction are still on the table. The $75K level has become the line in the sand. Holding it could invite a relief rally as spot buyers step in. Losing it cleanly shifts the conversation toward deeper downside and longer consolidation. For now, this is a positioning battle, not a fundamentals debate. The next move will be decided by whether real demand shows up where leverage just got wiped out. #Bitcoin #CryptoMarkets #BitcoinMind