Bitcoin (BTC) price dropped to around $82,000 on Monday, March 30th. Data from IntoTheBlock shows that Dogecoin (DOGE), Chainlink (LINK), and Avalanche (AVAX) have had a high correlation with Bitcoin’s price movement in the past 30 days. If Bitcoin price falls below $80,000, these cryptocurrencies may also come under selling pressure. Traders continued to sell Bitcoin on Saturday, concluding the trading week with three consecutive days of price declines. Various factors like Trump’s trade tariffs and controversies surrounding the confirmation of Paul Atkins for the SEC chairmanship added further downward pressure to the market. Concerns were raised by US Congress members on Thursday regarding potential conflicts of interest in Atkins’ confirmation hearing, leading to increased selling in global markets and a 5.7% decrease in Bitcoin from Friday to present. On Sunday, Bitcoin’s price dropped to $81,645 but bulls managed to push it back to $82,500. However, the increasing trading volume during the downward trend indicates the need for a fundamental catalyst for a strong recovery. Correlation analysis shows that Chainlink (0.93), Dogecoin (0.80), and Avalanche (0.79) have the highest correlation with Bitcoin. In case Bitcoin drops below $80,000, there is a possibility of intense selling pressure on these altcoins. Visit the live digital currency prices page to track token and cryptocurrency prices in real-time. Traders may consider reducing investments in these assets or using stop-loss orders for risk management. This news is for informational purposes only and does not constitute a recommendation to buy or sell any specific currency. Researching and evaluating the credibility of currencies is the responsibility of users.
