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Bitcoin Plunges to $83000 – Analysts Debate the Next Move

Bitcoin Plunges to $83000 – Analysts Debate the Next Move

Bitcoin has experienced a sharp 2.35% decline, falling below the critical $85000 support level to reach $83000.

Written By Chirag Sharma

Author: Chirag Sharma

Written On: Sun, 09 Mar 2025 15:39:52 GMT

Bitcoin has experienced a sharp 2.35% decline, falling below the critical $85000 support level to reach $83000. The sudden price drop has sparked concerns among investors and traders, fueling speculation about Bitcoin’s next move and the potential for further downside.

What Triggered the Bitcoin Drop To $83000 ?

The sell-off began around 1 PM UTC, when Bitcoin was trading comfortably above $85,000. However, within hours, intense selling pressure pushed the price lower, breaking through key support levels. At the time of writing, Bitcoin was hovering around $83,000, wiping out its earlier gains and dragging the broader crypto market down with it.

Possible Factors Behind the Drop:

  • U.S. Spot Bitcoin ETF Outflows – Reports suggest that over $1 billion was withdrawn from spot Bitcoin ETFs earlier this week, indicating possible profit-taking or risk aversion among institutional investors.
  • Global Risk-Off Sentiment – Traditional financial markets are experiencing heightened volatility, leading to caution among investors and reducing risk appetite for high-growth assets like crypto.
  • High-Volume Selling Pressure – On-chain data suggest that large-volume sell orders have been building, reinforcing bearish momentum.

Impact on the Crypto Market

Bitcoin’s plunge has triggered a market-wide downturn, with major altcoins such as Ethereum (ETH), XRP, and Solana (SOL) experiencing double-digit losses over recent days. The total cryptocurrency market capitalization, which had peaked at $3.2 trillion earlier this month, has now dropped to $2.9 trillion, reflecting the widespread sell-off.

Will Bitcoin Rebound or Drop Further?

Despite the price correction, some analysts believe Bitcoin could recover if buying volume returns above $85,000. Historically, Bitcoin has demonstrated strong resilience during market downturns, often rebounding after short-term corrections. However, a break below $78,000 could trigger further liquidations, potentially accelerating Bitcoin’s decline toward lower support zones.

What’s Next?

As Bitcoin navigates this volatile phase, investors are closely monitoring key market signals, including:
Institutional activity – Further outflows from ETFs could indicate weakening confidence.
Regulatory updates – Any major government announcements could sway market sentiment.
On-chain data – Watch for shifts in whale accumulation and exchange inflows.

For now, Bitcoin remains at a critical juncture, with traders preparing for a pivotal moment in its 2025 trajectory. Will Bitcoin bounce back, or is a deeper correction on the horizon? The coming days will be crucial in determining the market’s next major move.

Community Reactions

Bitcoin $83000 reaction

Michael Van De Poppe : “If Bitcoin drops further, $82k is next” – sounds pretty hopeful

Merlijn The Trader : “Bearish breakdown in motion, $77k is in sight” – fearful in the short term

Elon Money : “If $BTC can’t return to the important level of $85,680, we will drop to $81,220, and then even lower”

Trusted

Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.

In this article

What Triggered the Bitcoin Drop To $83000 ?

Impact on the Crypto Market

Will Bitcoin Rebound or Drop Further?

What’s Next?

Community Reactions

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