Bitcoin (BTC) Price Plunges to $81,629, Dragging the Cryptocurrency Market Down with It

The cryptocurrency market endured a significant setback over the weekend, with Bitcoin, the world's leading digital asset, plunging to a session low of $81,629 per coin on Saturday.

The cryptocurrency market experienced a setback over the weekend, with Bitcoin slipping to a session low of $81,629 per coin on Saturday.

This decline coincides with broader challenges, as the digital asset market contracted by 2.14% over the preceding 24 hours, settling at a total market capitalization of $2.66 trillion by 9 p.m. WAT on March 29.

The top ten cryptocurrencies by market capitalization reflected Bitcoin’s downturn, showcasing widespread turbulence in the crypto space.

Bitcoin shed 1.7% of its value, while Ethereum faced a sharper setback, dropping by 3.2%.

XRP saw a decline of 2.5%, and other prominent assets like Binance Coin (BNB) slipped by 2.5%, Solana tumbled by 3.6%, and Dogecoin experienced a steep fall of 6%.

Bitcoin managed to rebound slightly to $82,612 by Sunday morning but remains vulnerable to further losses.

Investor Concerns Weigh Heavily on Crypto Markets

The recent downturn in the cryptocurrency sector has been fueled by macroeconomic concerns, including apprehensions surrounding President Donald Trump’s upcoming tariffs, set to take effect on April 2.

Also, stronger-than-expected Core Personal Consumption Expenditure (PCE) data has further heightened caution among investors.

According to Coinglass data, Bitcoin underwent nearly $90.56 million in liquidations over the past 24 hours. Buyers contributed $79.3 million to this total, while sellers faced $11.25 million in liquidations.

This surge in liquidations highlights the precarious state of the market as investors contend with heightened uncertainty.

A Grim Quarter for Bitcoin: Historical Comparisons

The latest price drop could position Bitcoin for its worst first-quarter performance since 2018. Data from CoinGlass reveals an 11.86% decline in Bitcoin’s value during Q1 2025, slightly exceeding the 10.83% loss recorded in Q1 2020. However, this pales in comparison to the staggering 49.7% drop experienced in Q1 2018.

Additional metrics paint a gloomy picture. Bitcoin’s open interest has fallen by approximately 4.5% in the past 24 hours, reaching a low near $54 billion. This decline in open interest signals reduced trading activity among BTC traders, potentially leading to diminished market volatility and a more cautious trading environment in the near term.

The long/short ratio, another key indicator, has dropped to 0.6051. This suggests that 62.3% of traders are anticipating further price declines for Bitcoin, while only 38% are optimistic about a potential rebound. Such figures reinforce the increasingly bearish sentiment engulfing the cryptocurrency market.

What you should know

Meanwhile, the Crypto Fear and Greed Index (CFGI) has recorded a decline, with a current score of 27 out of 100, down from the previous day’s 33. While this level does not yet indicate “extreme fear,” it firmly places market sentiment in the “fear” category.

Finally, cryptocurrency derivatives markets observed $347.26 million in position liquidations within the last 24 hours. Coinglass metrics disclose that 139,263 traders faced liquidations, with $78.78 million tied to Bitcoin long positions and $72.37 million related to Ethereum longs.

These developments highlight the subdued activity and heightened caution characteristic of the sector.