Why did the bitcoin price drop below $80,000 today?

A break of the $80,000 level triggered stops during the UK session, while headlines about Kevin Warsh for the Fed led traders to price fewer or later rate cuts. That pushed risk assets lower and thinned liquidity, accelerating the move to a $75,644 low before stabilisation near $78,648.

Is the Kevin Warsh Fed nomination bad news for crypto?

Not automatically, but the market reads Warsh as more cautious on cutting rates. Tighter policy expectations can lift the dollar and weigh on risk appetite, which often pressures crypto. If policy fears ease or data soften, the bitcoin price could stabilise and retrace part of today’s drop.

What technical levels matter after bitcoin below $80k?

Support sits near $76,000 and $74,420. Initial resistance is $80,000 to $84,000. A close back above the 50-day average near $89,814 would help repair trend, while the 200-day at $104,526 is a larger hurdle. Momentum remains soft, so confirmation on closes is important.

How should UK investors manage risk in this crypto market selloff?

Use smaller sizes, wider but defined stops consistent with higher ATR, and staged entries above reclaimed levels. Monitor GBPUSD alongside BTCGBP quotes. Avoid adding leverage into sharp down days and reassess if price loses the $74,420 area on a closing basis. Keep cash buffers for volatility.

Could the bitcoin price rebound soon?

It can. Price is below lower Bollinger and Keltner bands, which sometimes precedes mean reversion. MACD histogram has improved, hinting at a possible relief bounce. For durability, look for sustained closes back above $80,000 and then the 50-day average, ideally with rising volume and calmer intraday swings.

Global Market Insights

BTCUSD Today: February 01 Sub-$80K Break Fuels Crisis of Confidence

ByHuzaifa Zahoor February 2, 2026

The bitcoin price slid below $80,000 on 1 February, stoking a fresh risk-off move in London trade. As of writing, BTCUSD trades near $78,648 after a $75,644 intraday low, down about 6.9% today. The break under $80k echoes a wider crypto market selloff as traders react to the Kevin Warsh Fed story and tighter rate-cut odds. UK investors faced pressure across growth stocks and digital assets as liquidity thinned around key levels, with sentiment shaky after recent macro shocks.