Bitcoin stabilised near $96,000 after briefly crossing $100,000 last week, buoyed by US jobs data hinting at possible interest rate cuts. Ethereum saw a surge in institutional buying, with $420 million in ETF inflows — double that of Bitcoin ETFs — potentially signalling a trend reversal. Meanwhile, Trump’s proposed tariffs on steel and aluminium loom over the market, stirring caution among investors. As crypto narratives swiftly shift between fear and optimism, traders should watch for volatility and momentum-driven moves across major cryptocurrencies in the coming days.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.
This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls.
Crypto Prices Over The Past Week
Last Monday (February 3), the overall crypto market cap stood at $3 trillion. BTC price stood at around $93,000. ETH price stood at around $2,500.
A week later, the overall market cap dipped to $3.17 trillion.
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DeFi’s total volume stands at $7.4 billion, at 7.42 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $90.92 billion, at 91.15 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Fear’ with 35 points (out of 100).
BTC dominance, at the time of writing, stood at 60.75 percent.
Over the past seven days, Bitcoin achieved a high of $101,989.41 (on February 4) and a low of $93,973.94 (February 3).
Ethereum, on the other hand, saw a high of $2,900.63 (February 4) and a low of $2,514.64 (February 3).
Crypto Events To Note
The cryptocurrency market has faced renewed turbulence following the announcement of potential 25% tariffs on steel and aluminium by former US President Donald Trump. Bitcoin’s price hovered around the $95,750 support level, with industry experts closely monitoring key trends.
Edul Patel, CEO of Mudrex, highlighted Bitcoin’s precarious position. He noted that the asset might retest the previous low of $91,000 if selling pressure persists. On the upside, breaking resistance near $96,750 could push Bitcoin toward $98,500.
Meanwhile, the CoinSwitch Markets Desk pointed out signs of market recovery. They observed Bitcoin’s resilience after bouncing back from a false breakdown below $96,200. This positive momentum, if sustained, could signal the end of the recent correction phase. Ethereum also showed signs of recovery, though the ETH/BTC ratio continues to reflect institutional preference for Bitcoin over altcoins.
A notable development came from the Central African Republic, where the country launched its own memecoin, CAR, via the memecoin trading platform Pump.fun. The move marks an experimental foray into digital currencies for the second nation to adopt Bitcoin as legal tender.
Avinash Shekhar, Co-founder and CEO of Pi42, emphasised investor confidence amid volatility. He pointed out that Bitcoin holding the $96,000 level is crucial for fostering bullish sentiment. Falling below this threshold could spur bearish trends. Despite macroeconomic pressures, Ethereum appears stable, with traders watching developments from the Ethereum Foundation.
Sathvik Vishwanath, CEO of Unocoin, provided a technical outlook, noting that Bitcoin’s price stood at $96,413 on February 9, 2025. He observed mixed signals from charts, indicating both short-term bearish pressure and potential long-term support. A breakout above $98,500 could trigger gains, while failure to hold $95,500 might lead to declines toward $92,000.
Shivam Thakral, CEO of BuyUcoin, highlighted a pivotal move by the SEC as it reviewed Grayscale’s amended application for a spot Solana ETF. This decision, a departure from previous rejections, could attract significant institutional interest and potentially spark an altcoin season.
The CoinDCX Research Team also noted that, despite recent declines from the $100,000 mark, some altcoins like Cardano and Chainlink are showing signs of reversal, driven by bullish community sentiment.
As market dynamics shift, crypto investors continue to balance fear and optimism, awaiting clearer trends amid economic uncertainty.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex CEO Edul Patel told ABP Live, “Bitcoin briefly hit the $100,000 mark over the weekend as the US jobs data showed mixed signals. While bulls could not sustain the $100k level, Bitcoin stabilised near the $96,000 level. While Bitcoin struggled, Ethereum saw increased institutional buying, with ETH ETFs recording $420 million in inflows – double that of BTC ETFs. This shift could trigger a trend reversal, potentially pushing Ethereum into an upward trajectory. However, investors must remain cautious as the market continues to show volatility amid Trump’s tariff plans on steel and aluminium.”
Thangapandi Durai, CEO and Founder, Koinpark, said, “Last week, the crypto market told a story of contrasts. Bitcoin climbed 2.3% to $100,097 after the U.S. jobs report signaled slower hiring, sparking optimism about potential interest rate cuts. This positive wave lifted other cryptos like XRP, Ether, Solana, and Dogecoin. But just days earlier, Bitcoin had faced a sharp 7.2% drop, shaken by market jitters over President Trump’s tariff policies. What stood out to me was not just the price movements, but how quickly narratives shift in crypto. One moment, fear grips the market; the next, hope takes over. It’s a reminder that beyond numbers, it’s sentiment and perception that often drive the market’s pulse.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
