dropped below 85K while an analyst says that 10K is still possible
Bitcoin (BTC) fell below the key support level of $85,000 on Thursday, extending a week-long sell-off and reigniting fears that the market may enter a more prolonged correction.
The cryptocurrency briefly dropped to $84,500, its lowest price in nearly three weeks, before stabilizing, erasing an earlier rally that had pushed prices near $89,500 earlier in the day.
The decline impacted the entire market.
Ether (ETH) fell below $2,800, while Solana (SOL) dropped over 4%, reaching its lowest level since April.
Altcoins sold off more heavily, with ADA, DOGE, and SUI sliding more than 5%, significantly exceeding Bitcoin's decline.
The derivatives markets reflected the pressure.
Approximately $550 million in leveraged positions were liquidated over the last 24 hours, according to CoinGlass, eliminating both long and short positions as traders reduced their exposure on major assets.
Key support level broken
The $85,000 zone had served as an important technical floor during recent sessions.
Iliya Kalchev from Nexo, in a note to Yellow.com, stated that recent movements continue to reflect low liquidity and option-related flows rather than a change in fundamental demand.
"The structural resistance between $93,000 and $120,000 still shapes the upper limit of the market, while the true market average near 81 300 $XRP
The weakness of the u
Bitcoin (BTC) fell below the key support level of $85,000 on Thursday, extending a week-long sell-off and reigniting fears that the market may enter a more prolonged correction.
The cryptocurrency briefly dropped to $84,500, its lowest price in nearly three weeks, before stabilizing, erasing an earlier rally that had pushed prices near $89,500 earlier in the day.
The decline impacted the entire market.
Ether (ETH) fell below $2,800, while Solana (SOL) dropped over 4%, reaching its lowest level since April.
Altcoins sold off more heavily, with ADA, DOGE, and SUI sliding more than 5%, significantly exceeding Bitcoin's decline.
The derivatives markets reflected the pressure.
Approximately $550 million in leveraged positions were liquidated over the last 24 hours, according to CoinGlass, eliminating both long and short positions as traders reduced their exposure on major assets.
Key support level broken
The $85,000 zone had served as an important technical floor during recent sessions.
Iliya Kalchev from Nexo, in a note to Yellow.com, stated that recent movements continue to reflect low liquidity and option-related flows rather than a change in fundamental demand.
"The structural resistance between $93,000 and $120,000 still shapes the upper limit of the market, while the true market average near 81 300 $XRP
The weakness of the u