Bitcoin dropped below $80,000 on Saturday for the second time in approximately ten days, reaching a 9-day low of $79,750 as a sudden market sell-off triggered $670 million in total liquidation volume. Data from CoinGlass reveals that more than 213,000 traders were liquidated over a 24-hour period as leveraged positions unraveled across major digital asset exchanges.
Bearish Momentum Erases Mid-Week Rally
The weekend sharp decline follows a mid-week attempt at recovery on Wednesday, when Bitcoin (BTC) neared $85,000 for the first time in nearly two weeks. Selling pressure quickly resumed over the subsequent 24 to 36 hours, forcing the asset down to $81,000. Although BTC temporarily stabilized between $81,000 and $82,000 on Friday, strong sell-side pressure resumed on Saturday morning.
In recent hours alone, liquidations reached $232 million, with long positions accounting for $220 million of that total. The single largest individual liquidation occurred on Binance in a single order worth nearly $12 million.
Altcoins Suffer Double-Digit Losses
The broader cryptocurrency market followed the primary digital asset downward, extending losses across major tokens as XRP breached $1.30 support during the pullback. Key price shifts include:
- Ethereum (ETH) slipped below $2,350, following previous technical weakness reported when Ethereum traded near $2.37K.
- BNB dropped under $730, while Solana (SOL) fell below $100 for the first time in an extended period.
- Zcash (ZEC) declined 7.5%, while Near Protocol (NEAR) tumbled by over 10%.
Why It Matters
This latest flush highlights how thin weekend liquidity can amplify leverage unwinds, turning minor technical breakdowns into multi-hundred-million-dollar cascade events. With long traders accounting for the vast majority of liquidated margin, the rapid breach of psychological support at $80,000 demonstrates that buyers remain unwilling to step in aggressively without macro clarity. Market participants should watch whether $79,750 holds as a local bottom or if systemic selling opens a path toward lower structural support levels.
