Bitcoin dropped below $86,000 on Monday, extending a sudden and sharp decline that rattled the cryptocurrency market over the weekend. The fall comes just hours after traders witnessed a dramatic flash crash on Sunday, prompting widespread confusion and panic across social media.
During the earlier selloff, several major tokens — including Bitcoin, Ethereum, and Dogecoin — fell steeply within minutes. Screenshots shared online showed deep red candlesticks and prices plunging in real time. One user posted, “What is Bitcoin down today?” while another asked, “Is there a reason behind this crash?”
According to CoinMarketCap data, Bitcoin had slipped nearly 3% in a single hour, while Ethereum was down over 4.5%, deepening sentiment-driven fear among traders.
One crypto trader on X summed up the moment:
“Crypto off to a rough start as nearly $400,000,000 longs were liquidated in the last hour.”
Another added a dark joke:
“Not sure who needs to hear this, but crypto is going to zero rn,” sharing a price tracker showing the sudden dip.
Bloomberg reported that Bitcoin fell as much as 4.3% to below $88,000 in early Asian trading, while Ether dropped 6% to below $2,900.
Sean McNulty, APAC derivatives trading lead at FalconX, told Bloomberg:
“It’s a risk-off start to December. The biggest concern is the meagre inflows into Bitcoin ETFs and absence of dip buyers. We expect structural headwinds to continue this month.”
He added that $80,000 is the next key support level for Bitcoin.
As of now, there is no confirmed single trigger, but analysts point to multiple overlapping factors that may have contributed to the sudden fall:
Crypto markets are known for sharp volatility, and sudden declines — especially during low-volume hours — can accelerate into steep selloffs as automated liquidations kick in.
Bitcoin has rebounded from similar pullbacks throughout the year, but analysts warn that sentiment remains fragile. With December historically being a volatile month for crypto, market watchers expect more price swings as traders position themselves ahead of U.S. Federal Reserve commentary and global macroeconomic data.
For now, all eyes remain on $80,000, the next major support zone that could determine Bitcoin’s direction in the coming days.
