Bitcoin Price News: BTC Dips Below $80K – 245K Wallets Exit in 5 Days, Fastest Since 2024

Bitcoin price dipped below $80,000 today, down about 1.5%. After BTC rejecting at $82,800 earlier this week, the market now feels downside pressure.

Let’s dig into the latest Bitcoin price news.

• Santiment: Bitcoin Holders Drop at Fastest Rate Since June 2024

• Ali Martinez: The Most Important Resistance Level – $80,300

• Why Is Bitcoin Price Down Today?

• Bitcoin Price Prediction for Today (May 8)

  • Bullish scenario
  • Bearish scenario
  • Likely scenario

• FAQs

Santiment: Bitcoin Holders Drop at Fastest Rate Since June 2024

Santiment reported a striking figure. Bitcoin’s total number of non-empty wallets shrank by 245,000 in just five days. That’s the fastest decline in nearly two years, since the summer of 2024.

The chart (provided) shows the total holder count dropping from above 53.9 million to below 53.16 million in early May 2026. The slope is steep. This is likely retail traders taking profit after the run to $82,800.

Source: X/@SantimentData

Capitulation is a key ingredient for bull runs. Wallets can drop out during a price fall (fear of losing more) or during a price rise (expecting prices not to go higher). Either way, when holders leave, the remaining supply consolidates into the hands of the highest conviction participants. These people decided they are not selling at current prices. The effective liquid supply shrinks. With fewer coins actively circulating, even modest new demand can have an outsized impact.

The June–July 2024 comparison is worth noting. Back then, over 964,000 wallets exited over five weeks. That did not mark a downturn. It helped lay the foundation for the bull run that followed. If history repeats, the wallets exiting now hand their positions to the kind of long-term holders who fuel the next leg up.

Ali Martinez: The Most Important Resistance Level – $80,300

Analyst Ali Martinez posted a chart showing Bitcoin’s cost basis for new whales – entities that bought in the last 155 days. That average sits at $80,300.

When BTC trades below this level, new whales hold at a loss. Yesterday Bitcoin pushed to $82,800, then fell back below $80,300. That’s a warning.

If Bitcoin fails to stay above $80,300, these whales are incentivized to sell just to break even and avoid further losses. That panic can create a wave of selling pressure pushing prices lower.

Source: X/@alicharts

On the other hand, if Bitcoin flips $80,300 into solid support, it signals selling pressure is exhausted. Once whales are back in the green, they stop selling and start holding for higher targets. That is exactly how new uptrends begin.

The chart (provided) shows price bouncing around the $80,300 line. The recent rejection suggests we are still in the danger zone.

Related Bitcoin news: Why XRP and Bitcoin Could Explode on US-Iran Peace Deal

Why Is Bitcoin Price Down Today?

Bitcoin’s drop followed news that Iran rejected a U.S. proposal to end the war. Diplomatic hopes faded. This raised fears of renewed conflict. A risk-off wave hit both traditional and crypto markets. Over $91 million in Bitcoin long positions got liquidated.

The move came from macro sentiment, not a Bitcoin-specific flaw. It highlights BTC’s continued sensitivity to global risk appetite.

Meanwhile, ETF flows turned negative. On May 7 (ET), spot Bitcoin ETFs recorded a total net outflow of $277 million. That’s the first net outflow after five consecutive days of inflows. The combination of geopolitics and ETF selling pushed price below $80K.

Source: X/@WuBlockchain

Bitcoin Price Prediction for Today (May 8)

Bullish scenario

BTC holds above $78,500 (weekly open level). Buyers step in at that support. Price reclaims $80,000 by daily close. A break above $80,300 would turn new whales profitable and flip sentiment.

Bearish scenario

Bitcoin price breaks below $78,500. Next support sits at $77,000, then $75,500. New whales start selling to break even. More liquidations hit the market. Iran news keeps risk assets under pressure.

Likely scenario

Range between $78,500 and $80,000 for the next 24 hours. The market needs time to digest the Iran rejection and ETF outflow. Volatility stays elevated. Traders wait for the next catalyst – either a diplomatic breakthrough or a clean hold of $78,500.

All in all, Bitcoin fell back below $80,000 after Iran rejected a peace deal. Holders dropped at the fastest rate in two years – 245K wallets exited in five days. New whale cost basis at $80,300 acts as a critical pivot. ETF outflows added selling pressure. The next support at $78,500 will decide if this is a dip or a deeper correction.

FAQs

 **Why is BTC dropping today❓**

Iran rejected a U.S. proposal to end the war, sparking risk‑off selling. Bitcoin ETFs also recorded a $277 million outflow.

 **Is Bitcoin holder decline bullish or bearish❓**

Short‑term bearish, but historically these capitulation events remove weak hands and lay the foundation for the next bull run.

 **What will the support levels be in 2026 for Bitcoin❓**

The immediate support zone for Bitcoin is around $79,000–80,000, followed by lower supports near $75,000–76,000 and $70,000 [reference:0]. Other analysts point to potential floors at $68,000–71,000 based on a large on-chain cluster of holders, and a deeper bottom around $63,000–67,000. A more extreme forecast from Bitcoin investor Michael Terpin predicts a possible bottom at $57,000 in October 2026, based on historical average drawdowns from the cycle top.