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.
Bitcoin Price Falls Below $79K Ahead Of Monday Open
According to CoinMarketCap data, the cryptocurrency market is bleeding and Bitcoin is carrying its fair share after losing nearly 6% over the last day. The steep decline saw Bitcoin dip under $80K and slide to reach a daily bottom of $78,574 for the first time since mid-March.
Despite the steep drop, Bitcoin’s daily trading volume is surging at $26.61 billion, an 85% spike in the last 24 hours. 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.
Is The Bull Market Over?
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.
Other altcoins are undergoing a torrid patch with SOL and DOGE losing over 10% over the last day. ADA has shed 10.40% while XRP and BNB have lost 7.77% and 6.36% respectively. The global cryptocurrency market capitalization sits at $2.62 trillion as investors scan the horizon for a short-term price spurt ahead of Monday’s market opening.
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Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
