The only resilient Bitcoin in the crypto world is also starting to wobble. In the early hours of February 1st, it plunged to $75,000.

After nearly a year, we are seeing Bitcoin starting with a 7 again. The peak of the bull market in 2021 was $69,000, which is very close.

As usual, we need to look for reasons.

Geopolitical Conflicts

First, there are international conflicts. On X, which claims to be the fastest news source globally, several videos show explosions occurring in multiple locations in Iran. Currently, neither the United States nor Israel has spoken out, making it difficult to assess the authenticity of the reports.

Iran is also conducting military exercises in sensitive areas, demonstrating that it is not afraid at all.

Of course, the conflict between the U.S. and Iran seems to be something that the market is aware of but has not yet confirmed. A few days ago, the movements of U.S. aircraft carriers and Iran's responses caused a global sell-off in risk assets, including gold. An increase in uncertainty always leads to Bitcoin's volatility in 24-hour trading.

Government Shutdown

In the early hours of the 31st local time, the U.S. government officially began a partial shutdown. That was quick; it seems like the last shutdown was just last year.

Prior to this, the U.S. Senate passed a spending bill to fund most departments of the federal government and submitted it to the House of Representatives for review. However, due to House members being out of Washington and not returning until Monday (February 2nd), the Senate's vote could not prevent a partial government shutdown.

Compared to the last historic government shutdown, this one does not seem as severe, but it is still not a good thing. The main issue is that hundreds of billions of dollars in liquidity are locked up, and with the weekend approaching, liquidity was already low, preventing a worse outcome.

Fear of Monday

The epic plunge in gold and silver, along with rumors that some U.S. banks have started to implode, means the market is still pricing in uncertainty. What will happen on February 2nd is drawing global attention.

Where Will It Drop To

Placeholder VC partner Chris Burniske previously stated that key support levels to watch are $80,000, $74,000, $70,000, $58,000, and below $50,000. The short-term fluctuations are not the core focus; if prices rebound, one should hold and gradually diversify. If a deep correction occurs, it should be seen as an opportunity to increase holdings in Bitcoin and quality crypto assets.

Trader Merlijn The Trader previously indicated that Bitcoin's important support level is around $80,000. Historical data shows that approximately 127,000 BTC were bought in that price range.

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