Bitcoin drops below $80K amid geopolitical tensions and profit-taking, risking deeper correction.

Bitcoin fell below the key $80,000 level on May 8, 2026, driven by renewed U.S.-Iran tensions, profit booking after a recent rally, and mass liquidations exceeding $90 million. This caused the overall crypto market cap to drop to around $2.66 trillion. The geopolitical instability triggered a risk-off sentiment, leading investors to sell volatile assets like Bitcoin in favor of safer options such as the U.S. Dollar. Technically, Bitcoin faces crucial support between $75,000 and $77,000; a failure to hold this could lead to a further decline toward $65,000, while reclaiming $80,000 might signal a rebound toward $90,000.