Bitcoin just dropped to $80,000, and people are genuinely starting to panic now. It briefly touched that level on Friday, which a lot of traders see as the line between a correction and a full-blown bear market. Right now it’s sitting around $84,400, down 3.8% in the last day.
The whole crypto market’s getting destroyed. Total market cap fell over 4% to $2.88 trillion. Ethereum dropped 5.4%, Solana fell 6.3%, and Dogecoin got hammered with almost a 9% loss. Nothing’s safe right now.
Here’s what’s really worrying people. Bitcoin just confirmed a “death cross” where the 50-day moving average crossed below the 200-day. That’s historically really bad news. The last times this happened, Bitcoin dropped 64% in 2022, 67% in 2018, and 71% back in 2014. Those are brutal declines.
On-chain data shows $800 million in realized losses over the past week, the worst since FTX collapsed in 2022. Short-term holders are basically giving up and selling at a loss. Market strategist Rekt Capital says the bullish structure is broken now. Some analysts think Bitcoin could test its April low of $74,500 if this keeps up. The $80,000 to $82,000 range is the key level everyone’s watching.
Conclusion
Bitcoin’s breach below $80,000 and confirmed death cross signal serious technical damage, leaving traders bracing for potential deeper losses reminiscent of previous brutal bear market cycles.
Also Read: Bitcoin Drops
