Bitcoin Drops Below $84,000 As Ethereum, XRP, Dogecoin Plummet 7%

Bitcoin has plummeted below $84,000 as risk-off sentiment pauses the commodities rally.

Notable Statistics:

• Coinglass data shows 226,842 traders were liquidated in the past 24 hours for $948.33 million.      
• In the past 24 hours, top losers include Chiliz, Lighter and Optimism.

Notable Developments:

• Tom Lee Says ‘Don’t Abandon’ Ethereum, But ETH Plunges 6% As Gold Rallies 18%
• Bitcoin, Ethereum Perform Terrible Compared To Gold, Silver—And That’s Totally Ok
• SEC Chair Atkins Says ‘The Time Is Right’ For 401(k) Crypto Access, But Tokenized Stocks Are A Different Matter
• Metaplanet Shares Slide 3.5% After $127M Bitcoin-Focused Capital Raise
• Coinbase Snubs Senate Crypto Bill, But Brian Armstrong Might Still Want A Compromise
• UAE Follows Tether, Fidelity With Central Bank-Approved Stablecoin Launch

Trader Notes: Altcoin Sherpa noted Bitcoin looks weak on lower timeframes. While a short-term relief bounce is possible, the trader is prioritizing risk management over catching a falling knife.

Trader Koala highlighted the $86,600 weekly close as the line in the sand. A close below this level would align all timeframes bearish, potentially setting up mass liquidations before a real entry presents itself.

Trader Mac predicts a revisit to $80,000. He warns that higher timeframe moving averages are pressing prices lower, making a sustained bounce difficult in the current environment.

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