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
+0.45%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 64,384 | +0.45% | -45.41% | 64,098 | 64,440 | 64,311 | 13,629,296,640 |
| ETH | 1,876 | +0.87% | -49.85% | 1,860 | 1,879 | 1,873 | 4,271,689,984 |
| SOL | 74.70 | +1.11% | -59.61% | 73.88 | 74.81 | 74.43 | 875,827,328 |
| XRP | 1.10 | +0.66% | -65.33% | 1.09 | 1.10 | 1.10 | 575,154,560 |
| BNB | 569.23 | +0.87% | -28.24% | 564.34 | 569.72 | 568.44 | 781,910,976 |
| ADA | 0.16 | +0.66% | -79.89% | 0.16 | 0.17 | 0.16 | 138,499,024 |
| DOGE | 0.07 | +4.21% | -69.24% | 0.07 | 0.07 | 0.07 | 713,554,816 |
| AVAX | 6.77 | +7.51% | -72.86% | 6.30 | 6.79 | 6.74 | 349,781,024 |
| LINK | 8.39 | +0.71% | -54.41% | 8.33 | 8.39 | 8.37 | 137,103,664 |
| DOT | 0.82 | +0.95% | -80.22% | 0.81 | 0.82 | 0.81 | 39,931,528 |
| LTC | 46.68 | +0.77% | -59.05% | 46.33 | 46.69 | 46.48 | 162,050,384 |
| BCH | 209.01 | -0.74% | -62.65% | 210.58 | 209.81 | 209.01 | 74,020,216 |
| TRX | 0.33 | +0.16% | +3.41% | 0.33 | 0.33 | 0.33 | 375,287,200 |
| XLM | 0.18 | -0.50% | -59.40% | 0.18 | 0.18 | 0.18 | 68,132,520 |
| HBAR | 0.07 | -0.86% | -74.89% | 0.07 | 0.07 | 0.07 | 28,819,974 |
| NEAR | 1.79 | -1.10% | -38.04% | 1.81 | 1.79 | 1.79 | 74,952,504 |
| ATOM | 1.38 | -0.90% | -71.05% | 1.39 | 1.39 | 1.38 | 16,639,089 |
| AAVE | 92.18 | -0.93% | -68.74% | 93.05 | 92.31 | 91.96 | 126,360,400 |
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