Bitcoin price drops to lows not seen since Nov. 11, 2024

Bitcoin's sell-off continued for a third consecutive day as the price dropped to lows not seen since Nov. 11, 2024.

Bitcoin (BTC) price continued to sell off on Oct 15, extending losses for a third consecutive day and testing lows not seen since Nov. 11, 2024.

At the peak of the correction, BTC dropped to $83,442, narrowly avoiding the $80,000 zone, which traders highlighted as the next major Fibonacci level.

Independent market analyst Scott Melker posted the following chart and said, installment no 1: Good morning!

BTC /USD 4-hour RSI. Source: The Wolf of All StreetsAs Bitcoin charts new lows and risks falling back into the $70,000 zone, the Crypto Fear & Greed Index slipped to a one-year low at 21, a zone that is described as 'extreme fear.'

Crypto Fear & Greed Index falls to 'extreme fear.' Source: Alternative.me

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Related: Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?

Data from Velo shows Bitcoin having its worst 3-day stint since 2022, and the analytics resource also highlighted the sharp billion-dollar outflows from the spot BTC ETFs.

Bitcoin price declined alongside spot BTC ETF outflows. Source. Velo

Beyond the weakness in the crypto market, which has been present for nearly a week, US equities markets also sold off, with the S&P 500 dropping after US President Donald Trump vowed to impose 25% tariffs against the EU.

In addition to the tariff threat, the Trump administration has also sent a memo to federal agencies that instructs them on how to carry out mass layoffs.

S&P 500 erased intra-day gains shortly after Trump's EU tariff threat. Source: The Kobeissi Letter

While Bitcoin’s record-size liquidations over the past three days may have unveiled a “generational buying opportunity,” analysts are not yet ready to conclude that the worst part of the selling is over.

Current estimates vary among traders, but there are growing calls for a Bitcoin price bottom in the $80,000 to $71,000 price range.