U.S. stocks plunge! Can Bitcoin hold the $80,000 support?

TradingKey - The drop in U.S. stocks has pushed Bitcoin to new lows. Standard Chartered believes a dip to $80,000 might trigger a rebound! 

On Friday Bitcoin fell again due to the stock market crash. In the last 24 hours, Bitcoin dropped over 3%, hitting a low of $81,111. This marks a new low for the past three months. As of this writing, Bitcoin has climbed back above $82,000.

Bitcoin price chart, source: TradingView.

This morning, all three major U.S. stock indexes took a hit. The Dow dropped 0.45%, the Nasdaq fell 2.78%, and the S&P 500 declined 1.58%. Major tech stocks faced significant losses. Nvidia fell over 8%, Broadcom dropped more than 7%, Tesla fell over 3%, and Amazon, Google, and Meta each declined over 2%.

$80,000 is a key psychological level with some support. Geoff Kendrick, an analyst at Standard Chartered, stated, "Bitcoin might drop 10% to $80,000, but a decline in Treasury yields could bring a rebound."