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
-0.01%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 64,124 | -0.01% | -32.89% | 64,128 | 65,289 | 62,094 | 50,981,085,184 |
| ETH | 1,785 | +0.87% | -43.65% | 1,769 | 1,825 | 1,714 | 20,978,036,736 |
| SOL | 70.04 | -0.20% | -49.85% | 70.18 | 71.84 | 67.58 | 5,310,052,864 |
| XRP | 0.95 | +3.96% | -57.53% | 0.91 | 0.98 | 0.90 | 4,603,206,144 |
| BNB | 588.36 | +1.20% | -36.88% | 581.38 | 596.70 | 568.20 | 2,113,579,904 |
| ADA | 0.15 | +1.82% | -70.16% | 0.15 | 0.15 | 0.14 | 562,010,752 |
| DOGE | 0.06 | +0.89% | -64.59% | 0.06 | 0.06 | 0.06 | 1,244,491,648 |
| AVAX | 7.18 | +1.25% | -53.75% | 7.09 | 7.25 | 6.78 | 424,331,392 |
| LINK | 9.06 | +2.11% | -35.88% | 8.87 | 9.15 | 8.67 | 445,347,072 |
| DOT | 0.72 | +1.66% | -74.66% | 0.71 | 0.73 | 0.69 | 132,849,048 |
| LTC | 44.77 | +0.87% | -55.98% | 44.39 | 44.98 | 42.89 | 357,156,608 |
| BCH | 203.76 | +1.42% | -59.36% | 200.91 | 207.64 | 196.80 | 194,359,376 |
| TRX | 0.31 | +0.15% | +4.31% | 0.31 | 0.31 | 0.30 | 594,253,056 |
| XLM | 0.14 | +1.46% | -47.19% | 0.14 | 0.14 | 0.13 | 304,262,688 |
| HBAR | 0.06 | +1.36% | -63.20% | 0.06 | 0.06 | 0.06 | 92,863,440 |
| NEAR | 3.12 | +3.27% | +29.71% | 3.02 | 3.15 | 2.94 | 908,245,824 |
| ATOM | 1.28 | +1.70% | -55.16% | 1.26 | 1.30 | 1.23 | 33,707,368 |
| AAVE | 104.84 | +4.30% | -41.17% | 100.51 | 106.14 | 97.15 | 303,401,728 |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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