Bitcoin price drops toward $78K amid market sell-off and potential cycle low, with Bitcoin falling as much as 10% to $75,709.88 and dipping below $80,000 for the first time since April 2025. Ether declined as much as 17%, while Solana briefly plunged over 17% during the same sell-off. The rout erased about $111 billion from the total crypto market cap in the past 24 hours.
During the recent market sell-off, Bitcoin’s price experienced significant fluctuations, dropping as low as $75,709.88 and briefly touching $77,000. It later hovered around $78,600, struggling to maintain any upward momentum Source. The price movement was underscored by a drop in the Relative Strength Index (RSI) below 30, indicating oversold conditions and weak momentum Source. The price range observed included the double-bottom base region of $80,400 to $78,300, suggesting significant market support around these levels Source. Additionally, traditional safe havens like gold and silver saw declines, with gold prices falling from above $5,500 per ounce to the range of $4,800–$4,900, while silver dropped from above $120 to between $80 and $85 Source.
During the recent market volatility, approximately $1.6 billion was liquidated in leveraged long and short positions, highlighting the significant impact of the market sell-off Source. As reported by CoinGecko, the overall crypto market capitalization declined by about $111 billion within 24 hours, indicating a severe contraction in value Source. Meanwhile, the Bitcoin Hyper presale attracted noteworthy investor interest, with proceeds exceeding $31.4 million before the anticipated token price increase. The token was priced at $0.013665, reflecting continued activity in emerging digital assets despite broader market pressures Source.
Market experts offered cautious insights regarding the recent cryptocurrency sell-off. Ki Young Ju emphasized that a falling market cap without growth in realized cap does not indicate a bull market, underscoring the bearish sentiment during this period Source. Rajat Soni noted the inherent volatility of weekend trading, cautioning against trusting price movements that occur during these times Source. PlanC expressed the view that the market might be experiencing another major capitulation low, reflecting the potential severity of the downturn Source. Meanwhile, discussions on Bitcoin’s pathway to recovery indicated that maintaining stability above certain price levels could be crucial for a positive rebound, though specific figures were not repeated here Source. These expert perspectives highlight the complexities and uncertainties prevalent in the current crypto market environment Source.
The market response to the recent sell-off has been framed in cautious, analytical terms, with observers characterizing prevailing conditions as risk-off and acknowledging the potential for a capitulation phase that could represent a major market trough. At the same time, commentators have outlined possible recovery scenarios and underscored continued uncertainty, noting that confirmed stabilization and clearer patterns would be required before any recovery is regarded as established.
