Bitcoin (BTC) price drops nearly 3%, briefly testing the $80,000 level

While the cryptocurrency rebounded from this psychological support on Monday, it had just experienced a 6.4% drop on Sunday—one of the steepest declines this year and its lowest daily close since November 2024.

Over the past 24 hours, Bitcoin (BTC) price has dropped nearly 3%, briefly testing the $80,000 level. While the cryptocurrency rebounded from this psychological support on Monday, it had just experienced a 6.4% drop on Sunday—one of the steepest declines this year and its lowest daily close since November 2024.

Why is Bitcoin going down and closing at four-month lows? According to experts, the decline is linked to market volatility triggered by an executive order signed by President Donald Trump, which mandates the creation of a strategic cryptocurrency reserve in the U.S., including Bitcoin.

Bitcoin Price Today Is Going Down. Why?

As of today (Monday), March 10, 2025, Bitcoin is testing the $80,000 level for the second consecutive day. Its price is rebounding 3.4% to $83,455 at the time of writing, but it remains down nearly 3% on a 24-hour basis.

This decline follows a sharp drop on Sunday, when BTC fell by over 6%, marking one of the worst sessions of the year. It also recorded its lowest daily close since November 2024, making it the weakest level in more than four months.

One major catalyst for Bitcoin’s recent slump is the market’s reaction to an executive order signed by President Donald Trump last week. The order established a U.S. strategic Bitcoin reserve, which will seize crypto assets in criminal and civil forfeiture cases to fund the initiative.

While this move initially sparked optimism, the lack of a deeper commitment to purchasing large quantities of Bitcoin, such as 100,000 or 200,000 coins, left investors disappointed. As traders expressed disappointment over what they perceived as a conservative approach, prices slid further.

Bitcoin Holds (Again) at $80K – BTC/USDT Technical Analysis

My technical analysis suggests that the $80,000 level is a critical support for buyers, having successfully halted declines for the second time in the past two weeks. After four consecutive days of BTC depreciation, this level has triggered a reversal and a corrective rebound of over $3,000.

However, BTC/USDT remains under bearish pressure, far from the consolidation near its all-time high (ATH) that was observed between November and late February. In my view, a break above the $90,000-$92,000 zone, which marks the lower boundary of that consolidation range, would signal that bulls have regained full control.

If the $80K support fails, the next target would be the October highs around $72,000. However, I see a more significant support level at the September and early November peaks, which were hit after a rally from the mid-$30,000 zone in 2024, around $67,000. In my opinion, this is the ultimate line in the sand that will determine whether bulls or bears take dominance in the market.

Bitcoin Price Drops in “Textbook Correction”

Beyond policy announcements, Bitcoin’s price action is reflecting broader market dynamics. Analysts at 10x Research described this as a “textbook correction,” noting that roughly 70% of the selling pressure came from investors who entered the market within the last three months. This wave of panic selling by newer participants has amplified the decline.

Buy The Dip? Or Stay Fully Cashed Up?Bitcoin's Textbook correction is fully playing out...?1-11) Bitcoin follows the price projection outlined in our ‘Bitcoin: Textbook Correction?’ report on February 25. The support structure collapsed once Bitcoin fell below the critical…

Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, warned that Bitcoin could soon retest the $78,000 level. “If that support fails, $75,000 is next,” he posted on X, highlighting significant open interest in Bitcoin options at the $70,000 to $75,000 range. A drop to these levels, he cautioned, could trigger a “violent” sell-off as derivatives traders adjust their positions.

An ugly start to the week. Looks like $BTC will retest $78k. If that support fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k, if we get into that range it will be violent.

The crypto market doesn’t operate in a vacuum, and macroeconomic factors are also at play. This week, the U.S. is set to release two critical inflation reports