Workflow
US CLARITY bill
icon
Search documents
Crypto Market News Today, February 3: Why is Crypto Up? Are We Back? 3% Bitcoin Price Run, 5% on Ethereum
Yahoo Finance· 2026-02-03 08:57
Market Overview - Bitcoin price rebounded by 3% to the high $78K level, while Ethereum increased by nearly 5% [1] - The recovery is attributed to oversold conditions, with buyers stepping in after a weekend of selling [1] Technical Analysis - Bitcoin price dipped to around $75,000, with support near $74,500 and resistance close to $80,000, indicating a tightening range [2] - A potential catalyst for further price movement could be progress on the US CLARITY bill, which may push Bitcoin towards $82,000 [2] - Ethereum rebounded from an oversold level of $2,200, with a break above $2,600 potentially leading to $2,700 [3] Market Dynamics - Bitcoin dominance has reached 60%, indicating a need for Bitcoin to stabilize for altcoins to gain momentum [4] - The total altcoin market capitalization (TOTAL3) remains firm at around $769 billion, suggesting potential rotation if Ethereum maintains above $2,300 [4] Liquidity and Institutional Activity - Global liquidity is improving, with US M2 up 4.6% year-over-year, Eurozone M3 at 3.1%, and China's M2 growth above 8% [4] - MicroStrategy has added 855 BTC, increasing its holdings to over 713,000 coins, while Binance has converted a significant portion of its SAFU fund into Bitcoin [5] - Regulatory advancements in East Asia, such as Hong Kong's stablecoin licenses and South Korea's AI monitoring systems, are creating a more favorable environment for crypto [5]