Bitcoin’s value plunged by 6%, dropping to approximately $84,000 as investors prepare for upcoming market triggers.
This morning saw a sharp decline in Bitcoin’s price, falling from recent highs above $90,000 down to the mid-$80,000 range. The downturn reflects renewed concerns over macroeconomic instability and fragile market dynamics.
According to data from Bitcoin Magazine Pro, Bitcoin dipped as low as $84,416 within the last 24 hours—a decrease of about 6% when factoring in peak prices during that period.
This rapid drop occurred less than a day after Bitcoin peaked near $90,400. Such swift fluctuations highlight the heightened volatility surrounding this week’s Federal Reserve meeting.
Trading volumes surged to nearly $48 billion amid the selloff, indicating forced liquidations and short-term traders unwinding positions. Consequently, Bitcoin’s total market cap contracted by roughly 4%, settling around $1.72 trillion.
Federal Reserve Chair Jerome Powell noted a resilient labor market with unemployment at 4.4%, choosing not to hint at any imminent policy easing—news that weighed heavily on speculative assets like cryptocurrencies.
The crypto sector had rallied ahead of this announcement but quickly reversed course afterward in what became a classic “sell-the-news” reaction.
Critical Support Level at $84,000 for Bitcoin
The price reversal coincided with difficulties reclaiming crucial technical thresholds. After briefly surpassing the $90,000 mark, Bitcoin failed to maintain momentum above resistance near $91,000 and succumbed to renewed selling pressure.
Market analysts have identified the area around $88,000 as vital for short-term stability while pinpointing approximately $84,000 as key support on the downside.
If prices fall decisively below this support level and remain there persistently,it could open doors for deeper pullbacks toward zones between roughly $72,000 and $68,000, according to experts from Bitcoin Magazine.
Bulls are expected to fiercely defend this critical floor of about eighty-four thousand dollars to prevent broader technical deterioration.
Meanwhile, gold has surged past record highs exceeding five thousand five hundred fifty dollars per ounce, reflecting sustained demand for tangible assets amid ongoing currency uncertainties.
Although initially buoyed by similar factors, Bitcoin struggled to maintain its upward momentum following these developments.
A Glimpse Ahead: Crypto Legislation Talks
The White House plans a meeting scheduled for February second where banking leaders and cryptocurrency executives will convene aiming to revive stalled U.S crypto regulatory efforts.
This session organized under guidance from the administration’s crypto council will address contentious topics such as how new regulations might impact interest payments and rewards linked with dollar-pegged stablecoins — seeking compromise after previous negotiations faltered during former Trump administration tenure.
At present , bitcoin trades near eighty-four thousand four hundred thirty-seven dollars , backed by twenty – four hour trading volume close & nbsp ; & nbsp ; forty-eight billion USD .
Over one day , cryptocurrency has declined four percent while remaining six percent below its seven-day peak of ninety thousand three hundred sixteen USD . The current price marks bitcoin ’ s lowest point within seven days , slightly down compared against eighty-five thousand four hundred seventeen USD levels .
This article titled & quot ; bitcoin ‘s value plunges six percent toward eighty-four K amid anticipation of next catalyst & quot ; originally appeared on bitcoin magazine authored by micah zimmerman .