Bitcoin ($BTC) has dropped below the $80,000 level once again. BTC reached an intraday low near $79,057 on Binance. At the writing time, it is trading around $79,500–$79,800. This marks a decline of approximately 2%–2.5% over 24 hours.
The downturn triggered widespread liquidations across leveraged crypto positions, mostly longs. Data from CoinGlass shows that approximately $835 million to $837 million in positions were liquidated over the previous 24 hours. Almost 200,000 traders have been liquidated. Long positions accounted for roughly 83% of the total.
Bitcoin-related liquidations exceed $235 million. Ethereum also fell below $2,350, while several major altcoins recorded steeper losses. This reflects broader weakness of altcoins across digital asset markets.
Geopolitical Tensions Fuel Market Uncertainty
Market discussions on X linked the sell-off to rising tensions between the United States and Iran. Posts referenced reports about US military readiness and potential military action against Iran. This has raised concerns about further escalation in the Middle East. However, these claims have not been established as the sole cause of Bitcoin’s decline. The price movement also reflects the effects of leveraged positioning and broader risk aversion.
Bitcoin Price Breaks Below Key Support
Earlier this week, Bitcoin traded above $84,500. However, today it has lost its critical support level at $80,800 (50MA daily). The next immediate support now sits around $79,000–$79,200. A move below this range will expose the $78,000–$77,500 area to further selling pressure. On the upside, Bitcoin will need to reclaim $80,800 support to ease the immediate bearish outlook.
Daily relative strength index (RSI) readings have moved into the high-30s to low-40s. These readings are approaching oversold territory without reaching deeply oversold levels. This suggests that further downside remains possible. However, a relief rebound cannot be ruled out.
The liquidation wave has amplified the decline because leveraged long positions were forcibly closed. Increased trading volume during the breakdown also indicated substantial selling activity.
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