Bitcoin slides below $80,000 for the first time since November; altcoins decline up to 8%
The world’s largest cryptocurrency was last down 4.2% at $80,792, having touched an intraday low of $79,523, its weakest level since November 11.
“After trying to stabilize near $86,000, Bitcoin pulled back to $80,000 level, mirroring a broader market trend as bulls failed to regain control,” said Alankar Saxena, CTO and Cofounder of Mudrex.
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“Despite the dip, institutions like Standard Chartered remain optimistic, targeting $500K by the end of Trump’s term. Additionally, Texas’s unanimous approval of a Bitcoin Reserve shows strong government support for the sector. While these positive developments have boosted investor sentiment, it is yet to be reflected in Bitcoin’s price,” Saxena added.BTC faces resistance at $86,600, with support at $80,300, he noted.
Also Read: Bitcoin is a bubble and will blow up someday, says Jim RogersOther major cryptocurrencies also slid, with Ethereum down 7%, XRP losing 5%, BNB dropping 4%, and Solana slipping 3.9%. Dogecoin, Cardano, Chainlink, Tron, Sui, Avalanche, Stellar, Litecoin, and Hedera recorded losses between 2% and 8%.Also Read: Robert Kiyosaki sees Bitcoin crash as a buying opportunity, calls it ‘Money with Integrity’
Bitcoin’s market cap fell to $1.611 trillion, with its dominance at 59.59%. BTC’s 24-hour trading volume dropped 10.45% to $61.34 billion, while stablecoins accounted for $132.46 billion, or 95.09%, of the total volume, according to CoinMarketCap.
Also Read: Pi Coin’s next move: Can it hit $100 and beyond?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)