- Bitcoin price fell under $80K, raising fears of a more dramatic fall.
- Markets opening on Monday fear that they may introduce new selling pressure.
- Bitcoin price has mounted a minor rally but on chain metrics reflect a bear market.
What Happened On Monday Open?
The crypto market is bleeding, as per the CoinMarketCap data and Bitcoin is taking its own share after it lost almost 6% in the last day. The sharp drop brought BTC below $80K and it fell to hit a daily low of $78,574 for the first time since mid March.
In spite of the sharp decline, BTC’s 24 hour trading volume is skyrocketing at $26.61 billion, an 85% surge in the past 24 hours. The unplanned drop occurs just a day after news of BTC decoupling from the S&P 500 to become a safe haven asset.
There are a number of reasons why BTC has fallen in recent times with global trade tensions being cited as one of the major culprits behind the decline. US tariffs and Chinese retaliation have prompted investors to keep safe until the storm passes, putting additional selling pressure on Bitcoin. Additionally, cryptocurrency liquidations of close to $600 million negatively impact Bitcoin price.
Fox Senior Correspondent Charles Gasparino relayed a tip from a market analyst that as markets open Monday, it could signal selling pressure. Investors are preparing for impact after recent market action has been mostly disappointing and the threat of US blanket tariffs hangs in the background.
“Monday is going to be the ultimate pain day,” said Gasparino on X, suggesting a wider selloff for Bitcoin.
End Of Bull?
There is increasing buzz within cryptocurrency communities that Bitcoin is in a bear market based on its current price action. CryptoQuant CEO Ki Young Ju contends the bull market for Bitcoin has ended based on a series of on chain metrics.
In his analysis, increasing Bitcoin Realized Cap and flat market capitalization validate that the bears are in control. Ju anticipates that the bearish mood around Bitcoin can run for six months, quelling hopes for short term recovery.
BTC’s latest price action marks the end of a torrid, the worst ten year run after it declined by almost 7%. The leading cryptocurrency is taking altcoins down with it with Ethereum dropping an incredible 11.24% to trade at $1,590 as ETH price gets stuck below $2,000.
Other altcoins are experiencing a torrid period with SOL and DOGE losing more than 10% in the last day. ADA lost 10.40%, XRP and BNB 7.77% and 6.36% respectively. Global cryptocurrency market capitalization remains at $2.62 trillion as investors look to the horizon for a short term price surge prior to Monday’s market opening.
Also Read : Will Bitcoin price Hit $250K? Arthur Hayes Reveals the Shocking Truth
