Bitcoin Struggles Below $80,000 Amid Significant Price Declines
Bitcoin (BTC) is experiencing a downturn, currently trading below $80,000, down 3% for the day and 13% for Q1. It is approximately 30% off its all-time high from January.
- Short-term holders have sold over 100,000 BTC (around $8 billion) since February, indicating a strategy to cut losses or secure profits.
- Bitcoin's price has fallen below its 200-day moving average of $86,300, a significant indicator for long-term trends.
- The S&P 500 index has also dropped below its 200-day average of 5,738, currently sitting at around 5,537.
- Historical patterns suggest that if the S&P 500 fails to reclaim this level soon, further declines may be expected.