Bitcoin drops below $80,000
The cryptocurrency market stopped its upward trend after Bitcoin lost the $80,000 level, leading to a decline of more than 1.6% in the market and approximately $100 billion in market capitalization within hours. Bitcoin had surpassed $81,000 before quickly retreating due to profit-taking, especially near psychological and technical resistance levels around $80,000 and $81,000. The decline coincided with the liquidation of positions exceeding $600 million over 24 hours, as the sudden market shift triggered high-risk liquidations and activated automated selling, further weakening prices. Major cryptocurrencies like Ethereum, FTX, and Ripple also experienced sharp drops amid market tensions and volatility, amid warnings of increasing geopolitical factors and expectations of interest rate hikes in the United States affecting liquidity and investment in high-risk assets.
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