Bitcoin Price Plunges Below $80,000 Amid Increased Selling Pressure

The Bitcoin price has been on a downward trend, with recent data showing that it has dropped below $80,000. This drop can be attributed to heightened selling pressure, particularly in the spot market.

According to Santiment's analysis, the number of BTC holders has decreased by 245,000 wallets over the past five days, which is the most significant decline since the summer of 2024. This exodus of short-term holders is causing a shift in the market dynamics.

The next key level to watch for Bitcoin's price is around $75,000. At this point, short-term holders' aggregate loss turned into profit in early April, as per CryptoQuant's metrics. A successful retest and rebound from this level could signal a strong bullish recovery, while a failure to hold could indicate a structural breakdown.