Bitcoin Price Tumbles Below $79K Ahead Of Incoming Bloody Monday Open
Bitcoin price took a major hit to fall as low as $78,000 for the first time since the middle of March. There is speculation that the worst is yet to come for Bitcoin with Monday open tipped to herald fresh bearish sentiments.
The sudden decline comes barely a day after reports of Bitcoin decoupling from the S&P 500 to become a safe haven asset.
There are several reasons for Bitcoin’s recent decline with global trade tensions considered a key culprit for the slump. US tariffs and China’s retaliation have forced investors to play safe till the storm blows over, increasing Bitcoin’s selling pressure. Furthermore, cryptocurrency liquidations of nearly $600 million adversely affect Bitcoin price.
Fox Senior Correspondent Charles Gasparino shared a scoop from a market analyst that as markets open on Monday, it may herald selling pressure. Investors are bracing for impact after recent market performance has been largely underwhelming and the specter of US blanket tariffs looms in the distance.
“Monday is shaping up to be the ultimate pain day,” said Gasparino on X, hinting at a broader selloff for Bitcoin.
There is growing chatter in cryptocurrency circles that Bitcoin is in a bear market given its current price performance. CryptoQuant CEO Ki Young Ju argues that the Bitcoin bull market is over, citing a string of on-chain data.
In his analysis, rising Bitcoin Realized Cap and stagnant market capitalization confirm that the bears are firmly in charge. Ju predicts that the bearish sentiment around Bitcoin can last for six months, dousing optimism for a short-term recovery.
Bitcoin’s recent price movement sees it cap off a torrid Q1, the worst in a decade after it fell by nearly 7%. The top cryptocurrency is dragging altcoins underwater with Ethereum losing a staggering 11.24% to trade at $1,590 as ETH price remains stuck under $2,000.