BTC hits lowest level since 2024

TLDR

Bitcoin (BTC) has fallen to the low 70,000s, its weakest level since November 2024, during a sharp global risk-off move.

1. BTC briefly dropped below 73,000 to around 72,90072,877, around 40% below its October 2025 peak, before rebounding to about 76,000.
2. The slide is tied to broad risk-off sentiment, heavy derivatives liquidations, ETF outflows into safe havens like gold and silver, and weakening liquidity and sentiment.
3. Key signals now are whether BTC can reclaim the 74,00075,000 area, how ETF flows and funding rates evolve, and whether on-chain stress turns into full capitulation.

Deep Dive

1. How Deep The Drop Is

Several outlets report BTC fell below 73,000 on 3 February, with lows around 72,90072,877 and the price described as the lowest since November 2024. One report notes bitcoin dropped as much as 7% intraday to 72,877 before bouncing toward 76,000, and is about 41% below its October 2025 record above 126,000.

Current market data shows Bitcoin trading near 76,185, with a 24 hour move of about -2.53% and a 7 day loss of about -14.45%, and an all time high drawdown around 39.63%. This confirms that the current level is not just a bad day but part of a larger multi month drawdown.

2. Main Drivers Behind The Selloff

Macro markets flipped risk-off: US equities fell and volatility jumped while gold and silver spiked, with one summary noting gold futures up almost 7% and silver up about 10% as bitcoin hit its lowest level since November 2024. Another report highlights that BTC and ETH are down roughly 20% year on year even as global stocks hit records, underlining that bitcoin is trading like a high beta risk asset rather than a defensive hedge.

Derivatives and flows amplified the move. One analysis mentions more than 620 million in crypto positions liquidated over 24 hours as BTC broke under support near 80,000, while another notes spot bitcoin ETFs have seen nearly 3 billion of recent outflows alongside rotation into precious metals. At the same time, funding rates have turned deeply negative and open interest has dropped sharply, consistent with forced deleveraging instead of organic spot demand.

On chain, unrealized losses have climbed to around 22% of supply, and profitability metrics for long-term holders have compressed, but reports stress this is still shy of the 4060% pain typical of full capitulation phases.

3. Levels And Signals To Watch

Technically, several analysts flag 74,00075,000 as a crucial pivot, noting it aligns with the 2024 high and 2025 low, and has just flipped from floor to possible ceiling. Others point to 70,000 and the 200 week moving average near 58,000 as deeper support zones if selling persists, while one strategist outlines a much more bearish long horizon scenario down toward 40,000 if large holders are forced to sell.

At the market wide level, a total crypto market cap slide of about 2% in 24 hours, extreme fear readings around 14 on a 0100 index, and a sharp 25% drop in derivatives open interest indicate a thin, nervous tape. Watch especially:

1. Whether BTC can reclaim and hold above 74,00075,000.
2. Daily spot ETF net flows and rotation between crypto and metals.
3. On-chain stress metrics like unrealized losses and SOPR to see if they stabilize or lurch into capitulation territory.

Conclusion

Bitcoins slide to its lowest level since late 2024 reflects a mix of macro risk aversion, leverage unwinds, and fading speculative demand, rather than a single catalyst. The drawdown is large but still within historical norms, and indicators show stress without clear capitulation. Over the next phase, price behavior around the 74,00075,000 zone and the direction of ETF flows and derivatives positioning will do more to define the next leg than any one news story.