Bitcoin Price Plummets to $75,000 Amid Widespread Crypto Sell-Off

Bitcoin experienced a significant downturn today, plummeting to nearly $75,000 amid a widespread sell-off. This decline saw the cryptocurrency drop more than 10% from its recent highs, marking its first fall below $80,000 since April 2025.

Key Price Movements

Data indicates that Bitcoin (BTC) fell from a 24-hour high of $84,356 to a low of $75,644 in just hours. This shift represents one of the most substantial single-day declines recorded this year. Selling pressure overwhelmed bid support across major exchanges, leading to rapid price movement.

Market Conditions

• The decline accelerated after BTC failed to maintain support near $82,500.
• Once that support was breached, the price quickly traversed through liquidity areas.
• Traders noted this event as a deleveraging incident rather than a slower risk-off trend.

On the daily chart, Bitcoin broke below a rising trendline established since late December. Additionally, the price went under the 50-day exponential moving average, previously near $90,000, which now serves as overhead resistance.

Trading Volume and Market Sentiment

Trading volume surged during this sharp downturn, indicating forced exits and margin liquidations rather than minimal conviction selling. Despite the sharp drop, on-chain data revealed a renewed interest from potential buyers. Over the last 24 hours, network data recorded the highest increase in new Bitcoin addresses in nearly two months.

Comparative Stability

While Bitcoin’s price decline of approximately 6% to 8% outpaced many recent downturns in traditional markets, it demonstrated relative strength compared to gold. Gold experienced a more significant drawdown during the same timeframe.

Looking Ahead

Market analysts suggest that as long as Bitcoin remains below the $82,000 to $84,000 range, downside risks will persist. The next significant support is expected to be in the low to mid $70,000s. Traders are closely monitoring whether the market can stabilize amid ongoing volatility.

Impact of Government Shutdown

Factors beyond the cryptocurrency market are at play, including a partial U.S. government shutdown. Congress failed to approve a full-year spending package, leading to temporary funding gaps for several major departments. While the Senate approved a deal to keep most agencies operational through September, House approval remains pending.

• The stalemate is fueled by Democratic demands related to immigration enforcement.
• This political uncertainty may also influence market sentiment.

As of now, Bitcoin’s trading price stands at $77,825, reflecting a 7% decline over the past 24 hours. Daily trading volume reached approximately $75 billion. The asset remains about 8% below its seven-day high of $84,368 and just 1% above its low of $77,534.