Bitcoin tumbled as much as 6% early Friday, hovering just above its critical $80,000 support level at one point, as investors continued their flight from risk-on assets to more defensive plays.

The largest cryptocurrency by market capitalization hit $80,548 at around 7:30 a.m. ET. The token's plunge to that price — its lowest since April 11— marks a steepening of bitcoin's decline following widespread cascading liquidations of highly leveraged crypto positions in October.

"Price action has been unimpressive across the large tokens, BTC dipping below the year-start price as long-time and larger holders of the token have become more active," Citi analyst Alex Saunders said Friday in a note to clients. "ETF flows, the main driver of BTC prices, are also drying up, adding to the shor

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