Bitcoin and major cryptocurrencies bounced in the past 24 hours after a brutal weekend sell-off that pushed prices to multi-month lows and triggered billions of dollars in liquidations across derivatives markets.
Bitcoin was trading just under $79,000 during Asian morning hours, recovering from weekend lows near $74,000. Ether climbed above $2,340, while Solana, BNB, XRP and Cardano posted gains of between 3% and 6% over the past 24 hours, according to market data. Despite the rebound, most large-cap tokens remain down sharply on a seven-day basis with losses upto 20%.
The move follows a broad capitulation that swept through crypto markets over the weekend, marked by heavy long liquidations and thin liquidity.
According to CF Benchmarks, the sell-off may mark the end of a longer bearish sequence that began with the October 10, 2025 deleveraging event.
“Bitcoin has completed the bearish sequence that began with the October 10 deleveraging event, with the recent washout retesting—and briefly undercutting—the April 2025 ‘Liberation Day’ lows around $74,000,” said Gabe Selby, head of research at CF Benchmarks, a Kraken company.
He added that the weekend move triggered “massive long liquidations” amid broader risk-off flows and mixed earnings from U.S. tech giants.
Selby noted that bitcoin’s decline remains tied to regulatory headwinds — including stalled U.S. crypto market structure legislation — and early signs of hawkish repricing around Federal Reserve policy. In contrast, recent pullbacks in gold and silver reflected crowded positioning following sharp rallies rather than shared macro drivers.
“Now that April lows have been taken out, bitcoin is at a clear inflection point,” Selby said.
Elsewhere, Asian markets rebounded after their sharpest selloff in over two months, helped by a recovery in gold and silver that steadied broader risk sentiment.
The MSCI Asia Pacific Index jumped 2.4%, its strongest session since April’s “Liberation Day” rebound, while South Korean stocks surged more than 5%. U.S. equity futures edged higher after upbeat guidance from Palantir, even as uncertainty lingered around Federal Reserve leadership and policy direction.
Source: https://www.coindesk.com/markets/2026/02/03/bitcoin-ether-and-major-tokens-stage-relief-rally-after-weekend-bloodbath
