Crypto markets remain unsettled as short-term political relief gives way to fresh sources of uncertainty. Bitcoin briefly fell to around $72,800, its lowest level since the post-election rally before bouncing after the U.S. House narrowly approved a $1.2 trillion funding package that brought an end to the partial government shutdown. The vote helped ease immediate headline risk, allowing BTC to recover and test levels above $75,000.

The selloff leading into the rebound was marked by a clear deleveraging phase. Futures open interest declined sharply as prices fell, while funding rates turned negative, reflecting aggressive long liquidations and a defensive shift in positioning. With the bounce now underway, the market is watching whether bitcoin can regain acceptance above the $75,000 mark, which has emerged as a key technical and psychological level.

While the shutdown risk has temporarily faded, it has not disappeared. According to QCP’s Feb. 4 market update, funding for the Department of Homeland Security was only extended through February 13, leaving another fiscal deadline on the horizon. That backdrop reinforces how quickly U.S. political risks can resurface and reintroduce volatility across risk assets.

Attention is also returning to U.S. monetary policy. President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair has revived uncertainty around the Fed’s future reaction function. While markets could interpret a higher probability of rate cuts later in the year as supportive for risk assets, Warsh’s preference for faster balance sheet reduction raises concerns around liquidity and market stability.

Read more: Publicly Traded Miners Buck the Tape as Bitcoin’s Price Wobbles

Derivatives markets reflect this caution. Short-dated implied volatility remains elevated despite the spot rebound. Downside skew has steepened, signaling continued demand for crash protection rather than renewed risk appetite.

For now, $75,000 stands as the critical inflection point. Holding above it could stabilize sentiment, while another break lower may quickly push markets back into defensive mode.

• Why did Bitcoin rebound after the U.S. shutdown ended?
  BTC bounced after Congress approved a funding deal, easing immediate political risk and triggering short-covering.
• What price level is most important for Bitcoin now?
  The $75,000 level is key, acting as both technical resistance and a psychological sentiment marker.
• Why are crypto markets still cautious despite the rebound?
  New fiscal deadlines, geopolitical tensions, and Fed leadership uncertainty are keeping risk appetite fragile.
• What do derivatives markets signal about near-term risk?
  Elevated implied volatility and negative skew show traders still hedging for downside, not chasing upside.

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