BTC Plunges Below $72,000 Amid Elliott Wave Faith Crisis, Key Support at $72K Under Pressure

Bitcoin plunged below $72,000 on February 04, 2026, hitting its lowest level since November 6, 2024, as global risk-off sentiment intensified. It touched $71,179 in New York trading, a 42% decline from its 2024 high. The selloff began with specific liquidations in the crypto market but has since spilled into broader asset classes, with the Nasdaq-100 down 2.6% and interest-sensitive sectors also retreating. Analysts describe a "faith crisis" in the market, with some warning that a break below $72,000 could trigger a retest of $68,000 and the 2024 lows. According to Bloomberg, the U.S.-listed Bitcoin ETF saw a $2.72 billion outflow the day after a $5.62 billion inflow on February 2, 2026, amplifying volatility. The week saw the entire cryptocurrency market value erode over $4.6 trillion, with the year-to-date loss reaching 17%.