BTC Breaks Down! Bitcoin Tanks Below $85K as Bears Take Over the Market; Altcoins Hit 30% Monthly Crash

Bears are now dominating the crypto market, with all major cryptocurrency tokens crashing sharply on Friday and dragging prices to a seven-month low. Bitcoin price tumbled to nearly $82,000 before undergoing a mild recovery today and is currently trading close to the $84,000 level. The bearish sentiment has spilt over to altcoins as well, with major tokens like Ethereum, Solana, Binance Coin, and Cardano extending deep losses and still under heavy selling pressure.

This pullback in the market has largely been driven by growing macroeconomic uncertainty in the US. September's jobs data revealed higher-than-expected unemployment, raising concerns over the strength of the broader economy and potentially influencing the Federal Reserve's stance on future rate cuts. Investors are advised to exercise caution and avoid making aggressive, emotion-driven decisions. A measured approach, focused on risk management and long-term strategy, remains critical as markets react to ongoing economic signals." Said Ashish Singhal, co-founder, CoinSwitch

Bitcoin Price Falls Below $85,000 Mark

On the second day of the crash, Bitcoin price today slipped to $84,613.49, down 1.07% in the last 24 hours and over 11.53% in the past seven days.

"Bitcoin is stabilising around the $84,000 level after testing the support near $80,000. Looking ahead, key US macro indicators like PPI, jobless claims, and GDP will guide market direction. With the $80,000 support holding strong, a move towards the $88,000 - $90,000 is likely." said Edul Patel, CEO of Mudrex.

Ethereum Down Nearly 13% in a Week

Ethereum prices also mirrored Bitcoin's decline, trading at $2,762.31, down 0.95% in 24 hours and 12.86% over the week. The ETH market cap dropped to $333.46 billion, while its daily volume stood at $22.38 billion. The broader market crash has pushed ETH nearly 28% lower over the past month.

Stablecoins Hold Ground

Unlike major cryptos, stablecoins Tether (USDT) and USD Coin (USDC) stayed largely unaffected. USDT traded at $0.9995, while USDC held firm at $0.9999.

Altcoins Price Update: DOGE, BNB, XRP, Solana, Cardano

Among top altcoins, the BNB price fell 2.49% in 24 hours to $830.51, taking its weekly losses to 10.92%. XRP dropped to $1.95, down 13.18% this week, while Solana (SOL) slid to $127.79, losing 33.34% over the month, becoming one of the worst performers in the current downturn. Popular tokens Dogecoin (DOGE) and Cardano (ADA) also recorded sharp corrections.

DOGE slipped 4.90% to $0.1389, extending its monthly decline to nearly 29%, while ADA fell 3.94% to $0.4047, marking a 37.13% monthly drop as investors pull out of riskier assets.

Market Outlook

"The recent sell-off of some 11,000 BTC, roughly 1.3 billion dollars, by an OG whale signals a meaningful shift in sentiment within the Bitcoin ecosystem. Large-scale liquidations do not decide the long-term trajectory on their own, but they do raise a yellow flag. A holder with more than a decade of accumulation choosing to exit now increases market pressure and draws attention to potential liquidity stress. This event highlights two strategic priorities. The first is the need to recalibrate exposure in the short term, recognising that a new support level near 85 to 87 thousand dollars is being tested. The second is maintaining readiness for opportunistic accumulation if the market overreacts and falls further." said Avinash Shekhar, co-founder & CEO, Pi42

"Our view is that Bitcoin's structural value proposition remains intact. Scarcity, decentralised settlement, and hedge appeal in periods of macro uncertainty continue to support long-term conviction. The path ahead, however, is likely to be more volatile. In this environment, disciplined risk management, staged entry strategies, and tiered positioning will serve investors far better than rigid conviction." Avinash further added