Bitcoin has seen a steep decline recently, dropping below the $80,000 mark for the first time since last year, amid a broader crypto market crash that has erased approximately $800 billion. The cryptocurrency is on track for its worst month since mid-2022, raising concerns among traders about potential further falls. Various factors are contributing to the downturn, including market reactions to global economic developments and diminishing hope for a crypto-friendly political environment. Analysts are closely watching upcoming price levels as sentiment shifts towards fear amid increasing liquidations across the market. As altcoins also bleed substantial value, the crypto community questions whether this signifies the start of a bear market.