Bitcoin price tumbled towards the $82,000 mark on Sunday, March 30. IntoTheBlock data shows DOGE, Chainlink, and AVAX exhibited high correlation to BTC price action in the last 30 days. Could these tokens be among the top cryptocurrencies to sell if BTC plunges below the $80,000 mark?
Bitcoin Price Tumbles Below $82,000 as Trump’s SEC Chair Nominee Faces Scrutiny
Bitcoin (BTC) market sell-off continued on Saturday, as it closed the week with three consecutive days in losses.
After a positive start to the week, Trump’s tariffs and controversy surrounding the approval of SEC-chair nominee Paul Atkins sent bearish tailwinds across Bitcoin markets over the last three days.
Last Thursday, members of the US Congress raised issues related to “conflict of interests” as Paul Atkins’ confirmation hearing began.
Concerns that a less crypto-friendly SEC chair could replace Atkins further accelerating sell-offs across the global cryptocurrency markets, as evidenced by the Bitcoin price 5.7% decline observed since Friday.
As seen above, BTC price plunged as low as $81,645 on Saturday, before bulls battled back to reclaim the $82,500 level at press time.
However, rising trading volume bars accompanying the downward price action over the last three days suggest bulls will require a strong catalyst to generate sufficient momentum for a major rebound.
Chainlink, DOGE, and Avalanche at Risk – Cryptocurrencies to Sell if BTC Drops Below $80,000
Bitcoin price plunged 5.73% lower than the weekly $87,500 local top recorded on Friday. As prices dropped toward $81,200 on Saturday, bulls stepped in to avert cascading leverage liquidations looming at the $80,000 psychological support level.
However, BTC traders were not the only ones relieved to see prices back above $82,500. According to on-chain data culled from IntoTheBlock, DOGE, Chainlink, and AVAX exhibited high correlation to BTC price action in the last 30 days.
This shows that these assets have often moved in the same direction as BTC.
The correlation matrix highlights a strong relationship between Bitcoin (BTC) and Chainlink (LINK), Dogecoin (DOGE), and Avalanche (AVAX) over the past 30 days. Specifically, LINK (0.93), DOGE (0.80), and AVAX (0.79) exhibit high positive correlations with BTC, meaning their price movements largely mirror Bitcoin’s trajectory.
If BTC plunges below $80,000, these altcoins could experience intensified sell-offs as traders attempt to hedge against further losses. Given their historically high correlation, a sustained BTC price downtrend could drag these cryptocurrencies to sell significantly lower, triggering margin calls and forced liquidations in leveraged positions.
Strategic traders may consider reducing exposure to these assets or implementing stop-loss orders if BTC continues struggling for traction.
If Bitcoin fails to reclaim key resistance levels, a broader market downturn could push these correlated altcoins into deeper losses, reinforcing a bearish outlook. For traders looking to manage risk, these could be among the top cryptocurrencies to sell in a volatile market.
The post 3 Cryptocurrencies to Sell Fast if Bitcoin Price Plunges Below $80K appeared first on CoinGape.
