Bitcoin experienced a significant price plunge today, falling to nearly $75,000 during a sharp, high-volume sell-off. This event erased over 10% from recent highs and marked the first time the asset traded below $80,000 since April 2025. Data indicates that BTC dropped from a 24-hour high of $84,356 to a low of $75,644 within a few hours, as an overwhelming number of sellers pressured bid support across major exchanges. This decline represents one of the steepest single-day drops of the year and triggered widespread liquidations in the derivatives markets.

The sell-off intensified after Bitcoin failed to maintain support near the $82,500 level. Once this crucial level was breached, the price moved rapidly through zones of thin liquidity, with minimal evidence of sustained dip-buying until it reached the mid-$70,000 range. Market participants characterized this movement as a "deleveraging event" rather than a gradual shift away from risk.

From a technical analysis perspective, the daily chart shows Bitcoin's price breaking below a rising trendline that had been firmly held since late December. Furthermore, the price decisively slipped under the 50-day exponential moving average, which was positioned near $90,000. This movement effectively flipped the 50-day EMA into an overhead resistance level, according to data from Bitcoin Magazine Pro. The breakdown was accompanied by expanded trading volume, suggesting forced exits and margin liquidations were primary drivers, rather than low-conviction selling.

Despite the sharp decline, on-chain data reveals a renewed interest from new buyers. Network statistics indicate a surge in new Bitcoin addresses over the past 24 hours, reaching the highest daily increase observed in nearly two months. In a comparative analysis with traditional markets, Bitcoin's drop, while substantial, outpaced most recent declines but still performed better than gold during the same period. While BTC fell approximately 6% to 8%, gold registered a steeper drawdown, underscoring Bitcoin's relative resilience amidst volatility.

Currently, the Bitcoin price is trading at $77,825, reflecting a 7% decrease over the last 24 hours, with daily trading volume reaching $75 billion. The asset is now 8% below its seven-day high of $84,368 and just 1% above its seven-day low of $77,534. Traders caution that downside risk remains elevated until the Bitcoin price reclaims the $82,000 to $84,000 range. The immediate key support zone is identified in the low-to-mid $70,000s, with longer-term market focus shifting towards achieving stabilization.

Adding to the market's complex environment, the U.S. government has entered a partial shutdown. This occurred after Congress failed to pass a full-year spending package by the Friday midnight deadline, leading to several major departments being temporarily unfunded. Although the Senate approved a funding deal intended to keep most agencies operational through September and a two-week stopgap for Homeland Security, this measure awaits approval from the House, which is not possible until lawmakers return from recess on Monday. The impasse is largely attributed to Democratic demands for changes to immigration enforcement practices, stemming from the fatal shooting of two U.S. citizens in Minnesota, alongside persistent divisions within the House GOP.