February 2 News, this week the Bitcoin derivatives market experienced intense volatility. The Chicago Mercantile Exchange (CME) Bitcoin futures opening price was nearly $6,800 lower than last week’s closing price, creating the second-largest gap in history. The futures opened around $77,730, while the previous trading day closed near $84,560, reflecting ongoing market pressure following a significant decline in January.
Spot Bitcoin is currently fluctuating above $77,000, digesting the sell-off from last week. In January, Bitcoin declined nearly 10% in total, ending the month at approximately $78,600, making it one of the weakest January performances in years. As prices rapidly retraced, trading volume in the futures market significantly increased, and leverage decreased, indicating traders are shifting toward more conservative positions.
Since CME is closed over the weekend, its futures prices often diverge from the spot market, which trades around the clock. When the market reopens at the start of a new week, sharp weekend volatility can create noticeable gaps. Historical experience shows that such gaps often influence short-term trends, with some funds paying attention to whether prices fill the gap back to the previous close, thereby amplifying volatility.
The Kobeissi Letter pointed out that the sharp decline in late January was mainly caused by liquidity contraction and excessive leverage, with forced liquidations exceeding $1.3 billion over two days. PlanB believes that the monthly RSI falling below 50 may indicate a longer-term correction cycle. However, Robert Kiyosaki stated on social media that he views the current retracement as a buying opportunity.
From a technical perspective, Bitcoin’s failure to hold the $80,000 to $82,000 range suggests the short-term structure remains weak. The $77,000 to $78,000 zone is a key support level; if broken, it could test below $70,000. To ease downward pressure, the price needs to regain the middle of the $80,000 range.
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