Bitcoin Stalls Near $78,500 as Options Data Signals Lingering Caution

Bitcoin stalled Tuesday near $78,500 after a weak rebound from Monday’s 10-month low of $74,541, with options market data reflecting persistent trader caution. Despite a brief intraday rally above $79,100 in early Asian trading, the cryptocurrency gave up gains and remained under pressure as of February 3, 2026. Deribit data shows concentrated put options at the $75,000 strike, marking it as a critical support level; a weekly close below this threshold could trigger a slide toward $69,000–$70,000, according to FalconX’s Sean McNulty. Bitcoin’s implied volatility held elevated at 48.8%, while perpetual futures funding rates turned negative—the lowest since August 2024—indicating short sellers dominate the market. “Markets got over their skis selling risk assets,” said STS Digital’s Jeff Anderson, noting a temporary stabilization after the sharp selloff.