Bitcoin fell below $80,000 on Saturday, reaching $79,464 at the time of reporting. This decline represents a 2.48% drop over 24 hours and marks the lowest price level for the asset since September 18. The broader crypto market capitalization decreased by 4.06% to $2.72 trillion.
Market volatility triggered liquidations totaling more than $200 million within a single hour, with bullish traders accounting for $191.33 million of that sum. Over a 24-hour period, total liquidations reached $837.12 million, affecting 227,681 traders. Long positions comprised 82.8% of these losses, totaling $693.05 million.
Bitcoin and Ethereum led the liquidation volume with $232.55 million and $181.51 million respectively. The largest single liquidation occurred on Binance, involving an ETHUSDT long position worth $11.85 million. Altcoins also experienced significant declines, with Ethereum dropping 4.71% to $2,288.73 and Solana falling 5.20% to $98.92.
Current price levels place Bitcoin below the average acquisition cost for companies holding the asset on their balance sheets, according to Glassnode. Analysts are monitoring the $77,876 level as the next potential downside support, with a further support zone identified between $76,700 and $72,500.
