Bitcoin fell below the $80,000 level in the past few hours as another wave of liquidations hit the market near the end of a volatile January.
Analysts at Kobeissi said three major liquidation events occurred within 12 hours, wiping out a combined $1.3 billion.
The latest sell-off added pressure to an already fearful market following last week’s sharp price decline.
Market analyst Burak Kesmeci said Bitcoin’s reaction around $80,000 is critical for determining the next market direction.
Kesmeci explained that before the breakdown, Bitcoin had successfully retested the $80,000 zone twice after a correction that began in early October 2025.
Each rebound reinforced $80,000 as a major technical support level and raised expectations of a possible trend reversal.
The loss of this support highlights the market’s sensitivity to the $80,000 price area.
Beyond technical signals, Kesmeci stressed that $80,000 also represents the realised cost basis of Bitcoin spot exchange-traded funds.
Trading below this level places a large share of institutional ETF investors into unrealised losses.