Crypto Prices Fall as Bitcoin Dives Towards Key Support Level

Crypto prices continued their downward trend on Thursday, with Bitcoin slipping towards $82,600. According to CoinGecko data, Bitcoin was down 2.8% over 24 hours at about $83,400 by 08:50 UTC.

XRP lost 7.2%, while Dogecoin fell 6.6%. The drop is attributed to a pullback after Monday's rally took bitcoin to its highest daily close since January and arrives a day before Friday's quarterly options expiry on Deribit.

Wincent's senior director, Paul Howard, had previously flagged this path on Tuesday, stating that a break below $85,000 'could see the market retrace towards' $81,000 to $82,000. This zone is where options traders appear to hold downside protection.