Jakarta. The crypto market extended its sharp decline over the past 24 hours, with Bitcoin (BTC) briefly plunging below US$80,000, a level widely viewed by traders as the threshold for a prolonged bear market. As of Saturday morning, global crypto market capitalization fell 4.13 percent to $2.88 trillion, according to CoinMarketCap.

Bitcoin dropped 3.8 percent to around US$84,400, while major altcoins saw even steeper losses: Ethereum fell 5.4 percent, Binance Coin 6.5 percent, Solana 6.3 percent, and Dogecoin nearly 9 percent. The selloff accelerated after BTC pierced the $80,000 level on Friday, confirming a series of bearish technical signals that analysts have warned about for weeks.

The most significant alarm: a confirmed “death cross”, where Bitcoin’s 50-day moving average dipped below its 200-day moving average, a pattern that historically marks the end of bull cycles. Analysts note that past death crosses preceded deep declines: a 64 percent drop in 2022, 67 percent in 2018, and 71 percent in 2014.

Market strategist Rekt Capital said BTC’s weekly close below the 50-week EMA last week signaled that “the bullish macro structure has broken.” The downtrend intensified as BTC also fell through its 100-week moving average, hitting a six-month low of $80,500.

On-chain data reinforces the bearish tone. Glassnode reported $800 million in realized losses over the past week, the highest since the FTX collapse in 2022, driven largely by short-term holders capitulating. Analysts warn this reflects a sharp drop in marginal demand, with new buyers exiting the market in panic.

CryptoQuant analyst IT Tech noted that heavy short-term selling can sometimes form a local bottom if prices rebound quickly, but failure to do so “has historically led to deeper bear-market extensions.” Several analysts now expect BTC to retest its April 2025 low of US$74,500 if selling pressure persists. For now, traders are watching whether Bitcoin can defend the $80,000–$82,000 zone.

Bitcoin’s volatility also mirrored turmoil across broader financial markets. After bobbing up and down through the morning, the S&P 500 took off and rallied nearly 2 percent before finishing with a gain of 1 percent, helped by hopes the US Federal Reserve may deliver further rate cuts. The Dow Jones Industrial Average climbed 493 points, or 1.1 percent, and the Nasdaq Composite rose 0.9 percent. It was a fitting finish for a week that left the S&P 500 4.2 percent below its record but also forced investors to stomach the sharpest hour-to-hour swings since a sell-off in April. 

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