Bitcoin drops over 3% to $83,000 after losing key support; $394 million liquidated in one hour

Bitcoin has dropped over 3% to $83,000 after losing key support, a significant decline in its value. This drop has led to major liquidations, with $394 million being wiped out in just one hour. The sharp sell-off is a result of macro uncertainty, derivatives unwinding, and weakening technical levels, all of which are putting pressure on crypto markets. This decline is likely to have a ripple effect on other cryptocurrencies, including Ethereum, which has also seen a significant drop of over 5%.

Why it matters

Bitcoin lost key on-chain support, triggering a sharp leveraged sell-off. This led to major liquidations, indicating a loss of investor confidence.

Market impact

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