Bitcoin (BTC) slipped to $80,400 on Saturday, October 24, following comments from Donald Trump concerning the war against Iran, extending a sharp market downturn. The decline follows a volatile week where Bitcoin was rejected near $85,000, dragging the total cryptocurrency market capitalization down over 1% daily to $2.7 trillion on CoinMarketCap.
Bitcoin Price Volatility and Key Support Levels
The latest downward move comes after an erratic week across major trading pairs. Following the release of United States Consumer Price Index (CPI) and Producer Price Index (PPI) data, BTC initially dropped under $80,000 before rebounding above $82,000 over the weekend. A Saturday evening flash crash dragged the asset down by $1,000, before buyers attempted to clear the $83,000 resistance on Monday.
Although BTC fell back to $81,000, a surge on Tuesday carried the price past resistance, culminating in a two-week peak near $85,000 on Wednesday. Sellers quickly reclaimed control, driving BTC under $83,000 before pushing prices to a ten-day low of $80,400 by Saturday morning. Despite being down 1% on the day, Bitcoin maintains a market capitalization of $1.620 trillion and holds a 60% market dominance metric on CoinMarketCap.
Altcoin Downturn and Market Movers
Altcoins mirrored Bitcoin's drop across major trading pairs. Ethereum (ETH) fell by a percentage similar to BTC, remaining positioned well below $2,400. Meanwhile, Ripple's native token, XRP, dived over 2% to cross under its critical $1.30 support level, reversing gains made when it traded near $1.40 on Wednesday. This downward move follows recent market risk where ETH and XRP faced key support pressures.
Other notable altcoin movements include Solana (SOL) approaching a breakdown below $100, while Zcash (ZEC) tanked beneath $1,200. Losses were also recorded across NEAR, BTW, PUMP, DOT, XMR, XLM, LINK, RAIN, and LTC. Worldcoin (WLD) emerged as the day's biggest loser with double-digit percentage drops, whereas M bucked the wider market trend by surging 10%.
- Bitcoin (BTC) retreated to $80,400 after failing to hold resistance near $85,000.
- XRP dropped more than 2% below $1.30, while Ethereum (ETH) settled under $2,400.
- Overall crypto market capitalization fell over 1% to $2.7 trillion, with BTC dominance sitting at 60%.
Why It Matters
The failure of Bitcoin to sustain momentum above $83,000 highlights how macro uncertainty and geopolitical commentary continue to stifle crypto market breakouts. With BTC dominance remaining elevated at 60%, capital is failing to rotate into altcoins, leaving broader tokens vulnerable to deeper corrections whenever Bitcoin pulls back. Traders should closely monitor whether the $80,000 mark holds as key support in the coming sessions, as a breakdown below this level could trigger further liquidations across leveraged altcoin positions.
