Bitcoin Bear Control Deepens After $84K Break, Eyes $68K–$60K Zone

Bears gain the upper hand as Bitcoin breaks the $84K support, targeting the $68K–$60K zone with potential bounces but further downside remains likely.

Rich by Coin

2026-02-02

Last week, we were expecting the critical $84,000 support level to break, and to the bulls’ dismay, it did. Bitcoin had a small bounce after the prior week’s close, then proceeded to dump down through the $84,000 support level all the way down to $75,600 on Saturday, before moving up a little to close the week out at $76,919. Bitcoin dropped 13% last week, so we may see a bounce early this week back to $80,000 or so, but continuation downwards should be expected before too long.

The bulls are reeling this week after losing that key $84,000 support level. We are seeing a little bit of a bounce early on here, but the bulls will be hard-pressed to regain much ground. Now that $84,000 has broken as support, it should be strong resistance on the way back up. $87,600 at the POC on the volume profile should be a brick wall of resistance if the bitcoin price can manage to wick above $84,000.

The bears are now sitting comfortably in control. The price bounced from $75,600, so we will look to this level initially as support, but don’t expect it to hold up if under pressure. Below $75,000, we will look at $72,000 all the way down to $68,000 as a support zone. A solid bounce from this level is warranted with all the volume that built up there in the 2024 consolidation period. Losing $67,000 below this support opens up the door to $58,000 at the 0.618 Fibonacci retracement. $42,000 sits as support below here, but don’t expect to see it anytime soon.

Bitcoin price will likely look to continue the push down to at least $72,000 here before mustering a bounce. The bulls should try to muster a small push back up soon. When and if the bounce comes, it should try to tag the $79,000 resistance at least, and possibly even $81,000, but don’t expect more than that.

Market mood: Extremely Bearish – The bears finally busted down the door at the $84,000 support level. There is a high volume node from $68,000 down to $60,000, so expect the price to take its time moving around this area if $68,000 is lost as support. At this point, even the most stubborn of bulls must concede that we are indeed in a long-term bear market. Losing the 100-week SMA, which had been support for several weeks, was a big sign of strength for the bears. Expect the bitcoin price to remain below $87,600 until a long term bottom is in place here.