Bitcoin Price Drops Below $84,000 Amid Growing Market Concerns

Bitcoin experienced a strong rally surpassing $88,000 but corrected sharply to below $84,000 following February's core inflation data. Market concerns are growing about potential further declines.

Potential Price Drops

Analysis from Glassnode indicates:

A significant portion of traders acquired roughly 15,000 BTC at $78,000 on March 10 before selling near $87,000, thinning support at this level.
Key support levels are identified at $84,100, $82,090, and $80,920 with substantial BTC purchases of 40,000, 50,000, and 20,000 respectively.
If these levels fail, Bitcoin may drop to $78,000 or lower, with critical thresholds at $74,000 (49,000 BTC purchased) and $71,000 (41,000 BTC purchased).

As of now, Bitcoin is priced around $83,800, marking a nearly 4% decline in the past 24 hours.