Bitcoin Plunges Below $80K as Fear Grips Crypto Markets

Bitcoin endured a sharp decline this weekend, plunging to a session low of $81,629 per coin on Saturday.

Bitcoin prices dropped sharply this weekend, hitting a session low of $81,629 per coin on Saturday. The broader digital asset market also decreased by 2.14% over the last 24 hours, reaching $2.66 trillion by 4 p.m. ET on March 29.

Cryptocurrency prices are now changing quickly, and the top ten cryptocurrencies by market capitalization have also seen a decrease in value relative to the U.S. dollar. Bitcoin is down 1.7%, while ethereum is trading 3.2% lower. XRP is also down 2.5% in Saturday’s session.

Image: Benzinga

BNB is also lower by 2.5%, solana is down 3.6%, and Dogecoin is trading 6% lower. Bitcoin is currently priced at $82,612.

The top digital asset’s market capitalization has decreased to $1.63 trillion, while it is also seeing $17.92 billion in global trading volume over the last day. BTC is also down 1.7% over the last 24 hours and 2.3% against the dollar week over week.

Market dynamics are now showing bearish trends, and the critical support level of $75,000–$70,000 could be tested if sentiment remains the same. The Crypto Fear and Greed Index (CFGI) has a score of 27 out of 100, which is in the "extreme fear" category, and it dropped from 33 on Friday.

The latest CFGI data shows that market sentiment is still in the "fear" category. In cryptocurrency derivatives markets, $347.26 million in positions were liquidated today. Data from Coinglass shows that 139,263 traders were liquidated over the last 24 hours, with $78.78 million in liquidations attributed to bitcoin long positions and $72.37 million tied to ethereum long contracts.

The sector as a whole saw low activity, and crypto exchange-traded funds (ETFs), especially those focused on bitcoin, saw outflows on Friday, ending a streak of ten straight days of inflows.