Bitcoin has fallen below $80,000 for the first time in three months, as the crypto market experiences significant declines. ETH, SOL, and XRP are also experiencing notable drops.
Market Overview
Bitcoin's price dropped to $78,984.63, marking the lowest point in three months. The current market cap is $1.57 trillion, while trading volume increased by 1.27%.
Bitcoin Technical Analysis
Bitcoin is facing resistance at $82,000. If it breaks above this level, it could potentially move toward $85,000. However, the $78,000 support is crucial, and breaking below it could lead to a further decline toward $70,000.
Impact on the Crypto Market
Bitcoin's decline has increased pressure on other cryptocurrencies. Ethereum fell by 7.3%, Solana dropped by 7.1%, and XRP slid by 7.8%. Additionally, U.S. Bitcoin ETFs saw a $1 billion outflow, exacerbating the selling pressure.
Bitcoin is at a crucial support level. If the price holds above $80,000, it may move toward $85,000. However, breaking below could deepen losses, and traders are closely monitoring economic conditions and regulatory changes.
