Bitcoin Drops Below $80,000 Amidst Sharp Market Slump

Bitcoin experienced a substantial downturn last Friday, falling to around $80,600 and extending its weekly losses beyond 10%. This recent decline marks the sharpest monthly drop since June 2022, with the cryptocurrency now down approximately 23% from its peak. The sell-off has brought Bitcoin closer to the crucial 100-week exponential moving average, a support level set in October 2023 that coincides with the start of the current bull cycle.