Amid a broader decline in the crypto market and the ongoing US tariff war with other countries, Bitcoin (BTC) briefly dipped below the $80,000 mark before a slight rebound.
The cryptocurrency fell to $79,691 before quickly recovering back to the $80K range. BTC is currently trading at $80,779, after a 4.6% drop over the past 24 hours.
Its market capitalization has also fallen to $1.6 trillion. However, more concerning than Bitcoin’s price volatility is its declining market volume. The 24-hour trading volume of Bitcoin has decreased by over 5.69%, now standing at $62.57 billion, potentially signaling that fewer investors are willing to buy the dip.
According to our predictions for Bitcoin, if this trend continues, it could lead to further corrections, fueling fears of a prolonged bear market.
While some remain skeptical, believing that the recent month-long surge in crypto prices may be fading, others view this as a natural part of crypto’s inherent volatility, further triggered by global market conditions. Key crypto figure and BitMEX co-founder Arthur Hayes shared on social media that the current decline is setting “lower lows.” Although he considered increasing his risk exposure this morning, Hayes believes the price trend suggests another sharp decline could push Bitcoin below $80,000, potentially happening over the weekend. After that, he anticipates the market may enter a period of calm.
Meanwhile, Binance’s founder, Changpeng Zhao (aka CZ), reassured crypto traders that Bitcoin is not dying, despite the recent drop.
It’s worth noting that this price decline has also pushed Bitcoin out of the top ten global assets, with Meta Platforms now taking its place.
Also Read: Bank of Montreal Increases Bitcoin ETF Holding to $150M