- Bitcoin fell below $80,000 after three days of losses, with heavy long liquidations driving weaker market sentiment.
- Altcoins like Terra Classic and Toncoin also declined, while Bitcoin still holds above key long-term support levels.
Bitcoin is trading below $80,000 after three consecutive days of losses, as pressure builds across the broader crypto market. The decline comes alongside a sharp rise in liquidations that has weakened short-term sentiment and reduced risk appetite among traders. Altcoins such as Terra Classic and Toncoin are also extending their recent declines.
Market sentiment weakens after a liquidation surge
The latest drop in Bitcoin has been driven largely by forced liquidations in the derivatives market. Total liquidations over the past 24 hours reached about $370 million, with long positions accounting for the majority of losses.
This wave of liquidations suggests that over-leveraged bullish positions were cleared out as prices moved lower. The result has been a more cautious market environment, with traders cutting exposure and reducing risk.
Sentiment has also softened, with the Crypto Fear and Greed Index slipping from 52 to 46. The reading reflects a gradual shift toward fear after recent volatility.
Bitcoin holds key technical support despite pressure
Even with the pullback, Bitcoin still maintains a broader constructive structure. The price remains above the 50-day EMA near $76,474 and the 100-day EMA around $76,778, levels that continue to act as dynamic support.
Short-term momentum has weakened, however, after the MACD line crossed below its signal line. The Relative Strength Index (RSI) near 55 still shows mild bullish bias, but it is no longer strongly directional.
On the upside, resistance is seen at the 200-day EMA near $81,842. A daily close above this level would reopen the path toward higher highs. On the downside, a deeper correction could expose the $70,000 region if selling pressure accelerates.
Terra Classic extends losses with weak momentum
Terra Classic is down more than 3%, marking its third straight day of losses. The coin is consolidating after recent gains, with price action hovering around a tight cluster of moving averages.
Momentum indicators suggest a neutral market stance. An RSI around 50 signals a balance between buyers and sellers, with no clear trend dominance.
Key support is located near $0.000072, a level that previously acted as resistance. A recovery move could see the price retest the $0.000100 psychological zone if buyers return.
Toncoin holds structure, but short-term pressure builds
Toncoin is trading above $2.00 but has declined for four consecutive sessions. Despite the short-term weakness, the broader uptrend remains intact as the token stays above major moving averages.
The 50-day, 100-day, and 200-day EMAs remain aligned in a rising structure between roughly $1.57 and $1.75. This suggests long-term trend support is still active.
However, short-term indicators show cooling momentum. The RSI at 59 is easing from overbought levels, while MACD readings have turned negative.
Immediate support sits at $2.00. Below that, deeper support levels are seen at $1.75, $1.67, and $1.57. On the upside, recovery above $2.00 could reopen resistance targets at $2.37 and $2.89.
Market outlook
The crypto market remains under short-term pressure as liquidations and cautious sentiment weigh on prices. Bitcoin is still holding key trend levels, but momentum has clearly softened.
Traders are now watching whether Bitcoin can reclaim $80,000. A failure to do so may keep the market in a consolidation or further correction phase in the near term.
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