#BTCBelow80K Bitcoin's recent price drop below $80,000 can be attributed to several factors:
- Macroeconomic Uncertainty: The US-China tariff war escalation, triggered by Trump's new 10% tariff, has impacted global markets and cryptocurrencies.
- Regulatory Concerns: Intensified scrutiny of crypto exchanges by the SEC has led to investor uncertainty.
- Massive Sell-offs: BlackRock offloading billions in BTC and ETH triggered panic selling.
- Liquidation Events: A $106 million liquidation occurred when Bitcoin touched $81,000.
- Investor Profit-Taking: Investors cashed in profits, leading to large-scale sell-offs.
- Forced Selling by ETF Issuers: ETF providers sold underlying assets, amplifying market uncertainty.
Additionally, industry-specific challenges contributed to the decline:
- Bybit Hack: A $1.5 billion hack on Bybit, a cryptocurrency derivatives exchange, reduced market confidence.
- Liquidity Drain: Investors withdrew or repositioned holdings, leading to downward price pressure.
- Panic Selling: Negative headlines, such as the Bybit hack, incited a wave of panic selling.
Key support levels to watch:
- Immediate Support: $78,000 – $76,500 (key zone where buyers step in)
- Stronger Support: $69,000 (major buying interest)