Bitcoin has experienced a significant decline, dropping below the $81,000 mark to an intraday low of $80,507. This downturn has wiped billions from its market cap, coinciding with rising Brent crude oil prices amid escalating tensions in the Middle East.
On Thursday, the price of Bitcoin fell sharply, shedding over $1,500 in just one hour. The cryptocurrency was unable to maintain the $83,000 support level established earlier in the week, continuing a downward trend that began after failing to breach $87,000 on October 6.
As Bitcoin struggled, the overall crypto market saw liquidations exceed $1.1 billion, with Ethereum leading the way at $333 million. Coinglass data indicates that approximately $270 million in long positions for Bitcoin were liquidated during this period.
Market analysts are expressing concern that if Bitcoin fails to hold critical support levels, it could plunge to as low as $75,000. The current market sentiment is further complicated by speculation regarding potential sales of Bitcoin seized from the Bitfinex hacker, although there is no evidence to confirm these sales have occurred.
With the market in a precarious position, observers are closely monitoring the $81,500 to $82,000 range. A significant drop below this level could lead to further declines, as traders brace for potential panic selling.
