Bitcoin Plunges Below $80,000 as Crypto Market Faces Monday Turbulence
The cryptocurrency market embarked on a downward spiral Monday morning, with Bitcoin briefly touching $80,000 despite recent pro-crypto developments in the U.S.
According to Coinglass data, over $600 million was liquidated in the past 24 hours across cryptocurrencies. Bitcoin traded at $82,033 as of press time, down nearly 5% after hitting an intraday low of $80,052.
The flagship cryptocurrency retreated from its Friday position of $88,497, continuing its bearish trend that began over the weekend. Ethereum mirrored this decline, losing almost 6% and trading below the $2,000 mark.
Other major cryptocurrencies including XRP, Solana, and Cardano also recorded significant losses. The global crypto market cap shrank by 4.83% to $2.69 trillion.
Analyst Ali Martinez revealed that over $1 billion in Bitcoin long positions faced liquidation recently. Bitcoin futures markets showed particular stress with $237.60 million liquidated in a single day.
Market sentiment soured despite President Trump’s recent executive order establishing a strategic Bitcoin reserve. The order disappointed investors by stipulating that no taxpayer money would fund new acquisitions.
Friday’s non-farm payrolls report contributed to the downturn. The data suggested the Federal Reserve might maintain a hawkish stance on interest rates. Trump’s ongoing tariff discussions added further pressure to risk assets.
XRP faces particularly troubling prospects with technical analysis suggesting a potential 20% decline to around $1.46. Whale holdings of XRP have decreased from 94.21 billion to 90.21 billion over the past year.
Solana has lost approximately 29% since January despite being named in Trump’s Digital Asset Stockpile. The cryptocurrency failed to benefit from $9.5 billion in new USDC stablecoins entering its ecosystem.
Bitcoin Faces Key Support Test as Technical Outlook Darkens
Coinglass data reveals the cryptocurrency market suffered a $616 million liquidation event Monday morning, with Bitcoin briefly touching $80,000. Technical analysts now watch critical support zones that could determine Bitcoin’s next major move.
Bitcoin trades at $82,033, down nearly 5% from Friday’s close of $88,497. The largest cryptocurrency continues its weekend decline despite Trump’s recent pro-crypto initiatives. The broader market mirrors this weakness with Ethereum trading below $2,000.
According to Cointribune’s March 4 analysis, Bitcoin faces critical support at $83,300. If this level holds, Bitcoin could potentially recover toward $96,500, eventually opening paths to $99,400 and possibly its all-time high of $109,354.
However, failure to maintain this support could trigger further declines to $78,200, $76,000, and potentially $72,800. More bearish scenarios have emerged as short-term momentum indicators turn negative.
The 15-minute chart analysis from CentralCharts shows “all elements being clearly bearish” with 61% of technical indicators signaling downward pressure. The 200-day moving average now serves as a critical reference point for longer-term trend direction.
Market participants remain cautious ahead of Wednesday’s US CPI data release. As trader MerlijinTrader noted, Bitcoin could still reach $200,000 this year if it follows previous market cycles, though immediate sentiment has clearly shifted bearish amid macroeconomic uncertainties and profit-taking.
The Fear & Greed Index has moved into “extreme fear” territory, often considered a contrarian indicator for potential buying opportunities by experienced traders watching for market capitulation events.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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