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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Iran Bitcoin Hashrate Drops 77% Amid Ongoing Conflict
Iran’s Bitcoin mining industry has taken a sharp hit. New data shows the country’s hashrate has dropped by 77% in just one quarter. Reports suggest Iran has lost around 7 exahashes per second. Its total hashrate now sits near 2 EH/s. Compared to past levels, when the nation had built a robust mining
Coinfomania13m ago
BTC 15-minute decline of 0.52%: Exchange inflows and whale selling converge, triggering short-term pressure
2026-04-08 14:30 to 2026-04-08 14:45（UTC）, BTC spot return recorded -0.52%, with a price range of 70922.5 to 71512.2 USDT and a swing of 0.83%. During the event, market liquidity faced pressure; short-term volatility drew market attention, showing dynamic shifts between the funds side and the positions side.
The main driver behind this abnormal move is the increase in exchange capital inflows and the whale’s large transfers being sold off. On-chain data shows that within 10 minutes, about 6.5 BTC were transferred into exchanges, with a clear increase, reflecting that some of the capital is accelerating the rotation between the fund side and the positions side.
GateNews13m ago
Bitcoin drops below 71,000 USDT, with a 1.29% intraday decline
Gate News message: On April 8, according to some CEX price data, Bitcoin fell below 71,000 USDT and is currently trading at 70,997.66 USDT, with a daily decline of 1.29%.
GateNews19m ago
BTC 跌破 71000 USDT
Gate News bot 消息，Gate 行情显示，BTC 跌破 71000 USDT，现价 70994.2 USDT。
CryptoRadar25m ago
Iran requires oil tankers to pay Bitcoin tolls for the Strait of Hormuz: where geopolitics and cryptocurrency intersect
Iran has set up a tiered toll system in the Strait of Hormuz, requiring tankers to pay a toll of $1 per barrel in RMB or cryptocurrency. This move is reshaping global energy trade and the cryptocurrency market landscape.
InstantTrends1h ago
Adam Back: Bitcoin’s quantum threat is still far off, but the migration window has already opened
Blockstream CEO Adam Back said in an interview that quantum computers have not yet threatened the Bitcoin network, but the industry needs to prepare in advance by migrating keys to a quantum-resistant format. He mentioned that his research team is pushing forward on related work; post-quantum cryptography has already entered the implementation stage. The challenge faced is how to complete the migration in an orderly way.
GateNews1h ago
