Bitcoin Falls Below $80,000 as Weekend Sell Off Wipes Out $219 Million in Longs

Bitcoin dropped below $80,000 during a weekend sell off, its first move under that level since October 15. The slide forced out about $219 million in leveraged long positions within a single hour, adding to a week of heavy losses for the crypto market. Earlier, the market had already shed roughly $140 billion in value as oil prices pushed toward $120 a barrel and tensions between the US and Iran kept rising. Traders had been watching the 50 day moving average near $81,781, and the failure to hold above it opened the door to this latest leg lower.

Altcoin Prices Today: Deep Losses Across the Market

The wider market fell harder than it did a day earlier. Ethereum sank 4.68% to $2,292, BNB dropped 3.90% to $718.63 and XRP lost 3.72% to $1.26. Solana slid 5.28%, while Dogecoin fell 6.07% and Chainlink shed 5.99%. Hyperliquid’s HYPE declined 4.29% and Monero eased 2.45%. Zcash was one of the weakest major coins, down 8.50%. Wrapped Bitcoin’s WBT fell 3.05%, and Tron held up best among the large names with a small dip of 0.30%.

Why Leveraged Longs Are Getting Liquidated

When prices fall quickly, traders who borrowed to bet on higher prices are forced to sell, which pushes prices down even further. That chain reaction explains how $219 million in longs disappeared so fast. With oil climbing, stocks weakening and geopolitical risk growing, many investors are staying cautious and avoiding risk.