Bitcoin Plunge Sparks Crypto Chaos: What Traders Must Know Now

A seismic shift rippled through the digital financial realm today as Bitcoin staged a heart-stopping plunge, dragging the entire cryptocurrency market down a perilous path.

Bitcoin (BTC) plunged by nearly 4% in a single session, dragging the broader cryptocurrency market lower in heart-stopping fashion.

At press time, Bitcoin was trading down 3.9% over the past 24 hours at $77,816.41. The world’s largest cryptocurrency had earlier hit highs of $83,778.12.

Bitcoin price chart: 1D

Chart: TradingView

Relative Strength Index (RSI)

The RSI is a technical indicator used to measure the magnitude of recent price gains and losses to evaluate overbought or oversold conditions in the price of a stock or other asset. RSI values range from zero to 100.

Generally, an RSI of 70 or greater indicates an asset is in overbought territory and may be due for a pullback, while an RSI of 30 or lower indicates an asset is in oversold territory and may be setting up for a rebound.

Bitcoin was trading in overbought territory, at least in the short term, with its RSI at 71.86.

Bitcoin price levels to watch

The bulls were in full control as Bitcoin broke through the crucial resistance at the $75,000 mark.

Next on the radar was the key psychological level of $80,000, which could pose an interesting challenge.

Support levels:

-$75,000

-$70,000

-$65,000

Resistance levels:

-$80,000

-$85,000

-$90,000

Bitcoin often saw increased volatility during periods of low liquidity, such as weekends or holidays.

As always, it was crucial to apply proper risk management and trade according to one’s individual risk tolerance.

Crypto prices today

Other notable movers in the crypto market included:

Cryptocurrency 7d Change

Solana (SOL) down 5.4%

Binance Coin (BNB) down 4.8%

Ethereum (ETH) down 8%

Cardano (ADA) down 3.7%

Dogecoin (DOGE) down 2.4%

Aptos (APT) down 10%

Ordi (ORDI) down 12%