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The price of Bitcoin 
$83,001 has suffered significant losses, plummeting from $99,000 to $79,000 within the last eight days. This substantial sell-off in the cryptocurrency market resulted in an approximate total of $700 billion evaporating. What are the underlying reasons for Bitcoin’s decline, and how low can the price go?
Reasons Behind Bitcoin’s Decline
In the past 24 hours, Bitcoin’s price dropped by over 5%, reaching $79,263. A major contributing factor to this steep decline is the new tariff threat posed by U.S. President Donald Trump. As economic uncertainty breeds fear among investors, the Crypto Fear and Greed Index has plunged to a three-year low of 21 points.
Additionally, considerable losses among short-term Bitcoin investors have created pressure on the market. In just three days, the total loss for short-term Bitcoin investors has escalated to $2.16 billion, with many panicking and selling, further driving prices down.
How Much Further Can Bitcoin Fall?
Bitcoin’s sharp decline has raised significant questions about the market’s future. Some analysts believe that if Bitcoin fills the CME gap at the $80,000 level, it could initiate a new rally. However, if the price remains below this level, it could drop as low as $73,000.
Bitcoin options data also suggests that selling pressure may continue. Many investors appear to be positioning themselves for a potential decline to $70,000.
Altcoins have also been severely impacted by Bitcoin’s drop. Ethereum (ETH) 
$1,796 lost 7.5%, XRP fell by 8.2%, and Solana 
$116 (SOL) experienced a 9% decrease. The erosion of investor confidence has resulted in widespread losses across the cryptocurrency market.
