Bitcoin Falls Again to $73K While Gold and Silver Rally — Is this A Repeat of 2022 Bear Market

Bitcoin has plunged to the $73,000 level, marking an 18.34% weekly decline and wiping over $100 billion from its market capitalization. The leading cryptocurrency now trades at $73,144.08, down 4.57% in the past 24 hours. Meanwhile, precious metals have staged a dramatic recovery, adding nearly $6 trillion in value over just two days.

The total Bitcoin market cap now sits at approximately $1.46 trillion. Analysts have begun drawing comparisons to the 2022 bear market, pointing to similar stress patterns emerging across key on-chain metrics. The sharp divergence between crypto and traditional safe-haven assets has intensified market scrutiny.

Bitcoin ETF Outflows Compound Selling Pressure

Bitcoin exchange-traded funds have recorded significant capital flight amid the broader selloff. According to Lookonchain data, Bitcoin ETFs posted a one-day net outflow of 1,185 BTC, valued at $88.96 million. The seven-day picture appears even more concerning.

Over the past week, ETFs experienced net outflows totaling 11,202 BTC, worth approximately $841.3 million. The sustained institutional selling has added downward momentum to an already struggling market. Spot market participants continue to reduce exposure while perpetual traders increase short positions.

Feb 3 Update:#Bitcoin ETFs:
1D NetFlow: +5,955 $BTC(+$464.49M)🟢
7D NetFlow: -11,571 $BTC(-$902.54M)🔴#Ethereum ETFs:
1D NetFlow: -4,831 $ETH(-$11.04M)🔴
7D NetFlow: -166,117 $ETH(-$379.74M)🔴#Solana ETFs:
1D NetFlow: -46,453 $SOL(-$4.78M)🔴
7D NetFlow: +8,069… pic.twitter.com/vkGEL2PdXR

— Lookonchain (@lookonchain) February 3, 2026

Ted Pillows noted that the current setup appears bearish for Bitcoin. The combination of spot selling and rising short interest suggests continued near-term weakness.

However, Binance recently purchased $100.42 million in BTC for its SAFU fund, with $800 million remaining for potential future acquisitions.

Precious Metals Reclaim Lost Ground as Bitcoin Struggles

Gold and silver have rebounded sharply from their recent bull market correction. Gold previously dropped 13.6% below $4,900, erasing $5 trillion in value. Silver collapsed 30% below $85, wiping out $1.96 trillion in just 36 hours.

The recovery has been equally dramatic. Gold prices surged back above $5,000 per ounce, rising 17% from Monday lows. This move added over $4.74 trillion to gold’s market capitalization within 48 hours. Silver climbed more than 26% from its weekly lows.

Silver’s rally contributed $1 trillion to its market cap during the same period. The combined precious metals recovery of nearly $6 trillion stands in stark contrast to Bitcoin’s continued decline. Traditional safe-haven assets have reasserted their appeal during the current market stress.

2022 Bear Market Parallels Emerge for Bitcoin

The UTXOs in Loss percentage metric has re-entered the 27-30% zone. This signals that a significant portion of market participants have shifted from profit into unrealized losses. Historically, this range has served as a decision zone rather than a simple bearish indicator.

When this metric breaks above 30% and holds, loss supply typically continues building. This pattern often leads to further downside extension. Conversely, if the metric stalls within the 27-30% range, selling pressure tends to exhaust, potentially enabling trend recovery.

Is the 2022 Bitcoin Downtrend Replaying?

“Historically, this range has not marked a simple bearish signal, but rather a decision zone for market pressure.” – By COINDREAM pic.twitter.com/CbHKDUc4Hk

— CryptoQuant.com (@cryptoquant_com) February 4, 2026

CryptoQuant’s Head of Research Julio Moreno confirmed bearish conditions in a podcast with LG Doucet of Milk Road. On-chain metrics point to continued weakness with no meaningful reversal signals appearing. The market remains in a test phase for absorbing accumulated panic.

Bitcoin Technical Analysis Shows Continued Downtrend

Bitcoin’s daily chart reveals a confirmed downtrend with lower highs and lower lows established since October 2025. The price has declined approximately 27% from the $100,000 region. The 20-day simple moving average at $86,378 now acts as dynamic resistance.

Current Bollinger Band readings show price trading below the lower band at $73,526. The upper band sits at $99,231, with band width expansion indicating high volatility. The RSI stands at 22.59, deep in oversold territory, while the RSI moving average continues declining at 35.19.

Key support levels include $72,800-$73,500 (immediate), $70,000-$71,000 (major psychological level), and $65,000-$67,000 (extended capitulation zone). Resistance emerges at $80,000-$82,000 (previous support), $86,000-$87,500 (20 SMA), and $92,000-$95,000 (distribution zone).

Volume analysis confirms conviction selling, with declining prices accompanied by expanding red volume bars. No capitulation spike has appeared, suggesting selling may not be exhausted. Multiple bearish confluences align, including all moving averages sloping downward and failed mean reversion attempts. The short-term trajectory remains bearish with a 60% probability of continued breakdown toward $67,000-$70,000.