On February 3, 2026, Bitcoin surged 4.2% in 24 hours to $78,662, recovering from an intraday low of $75,000, per The Block. Ethereum followed with a 5.86% gain to $2,322, while major altcoins posted modest recoveries, per. The rebound came after a broader market sell-off tied to hawkish Fed repricing and uncertainty over the Fed chair nomination, per. Trading volumes stabilized, but analysts view the move as a technical bounce driven by short covering and oversold conditions, according to Kronos Research’s Vincent Liu.
Experts caution that the uptick lacks spot-led inflows or macro easing, per Presto Research’s Rick Maeda. Bitcoin’s rebound aligns with broader risk assets after an ISM print eased pressure, but a firm dollar and elevated yields could cap gains, per. Bitrue’s Andri Fauzan Adziima calls the rally fragile, rooted in dip-buying around $74,500, unlikely to sustain without fresh catalysts, per. BTC’s RSI at 45 indicates neutral momentum, with $80,000 as near-term resistance and $75,000 support, according to TradingView.
The sell-off reflected repricing of U.S. interest rates, with markets digesting hawkish signals and Fed policy outlook, per. Upcoming jobless claims (Thursday) and non-farm payrolls (Friday) are key, per. Softer data could ease yields and support risk assets, while stronger prints may reinforce dollar strength, per Kronos Research. ETF outflows in August slowed inflows, mirroring sentiment shifts, per. Ethereum’s $4,200 pivot remains critical, Liu.
Bitcoin may trade sideways until Jackson Hole or labor data provides direction, per. A dovish Fed could push BTC toward $85,000, but hawkish tones risk a retest of $70,000, per. Investors should monitor ETF flows on SoSoValue and on-chain data via CryptoQuant. Dollar-cost averaging into BTC with stop-losses below $75,000, or diversifying into USDC, hedges risks, per TradingView. Follow @TheBlock__ on X for updates. While short-term relief is welcome, macro uncertainty tempers long-term rally hopes.
