Black Monday for Crypto: Bitcoin Crashes Below $75K as Fear Takes Over – What Just Happened?
Bitcoin’s price fell below $75,000, hitting its lowest since early February. Right now it’s sitting around $74,500, down over 10% in the past day. The steep decline happened after Bitcoin couldn’t stay above the $80,000 support level yesterday.
Ethereum, XRP, and other big-name altcoins aren’t faring any better. ETH is sitting near $1,430, the lowest it’s been in over five months. XRP has fallen below $1.65, and both Solana and Dogecoin are down by double digits.
The entire crypto market is feeling the pressure. The global market cap has dropped to $2.37 trillion, falling 11.04% in just one day. A lot of this selloff was triggered by Bitcoin flashing a “death cross”, a chart pattern that traders see as a warning sign for deeper downtrends ahead.
What you'll learn 👉
Bitcoin Flashes Death Cross as Trend Turns Bearish
Crypto expert Ali posted a chart today on X showing Bitcoin’s 50-day moving average crossing below its 200-day moving average, a death cross. This crossover, which occurred around the $87,000 level, suggests long-term momentum has shifted bearish.
The chart also shows BTC price making lower highs and lower lows since February. After a short recovery attempt in March, Bitcoin got rejected at the death cross level and started falling sharply. Bitcoin has fallen below $75,000 after traders couldn’t maintain the $80,000 level.
Support around $74,000 is weak, and if it doesn’t hold, watch for $72,000 and $70,000 as the next key levels. Analysts say price could revisit those zones if bearish pressure continues.
#Bitcoin $BTC has just flashed a death cross as the 50-day SMA dipped below the 200-day SMA. This technical signal often precedes extended downtrends. pic.twitter.com/6EaX2fAnKK
— Ali (@ali_charts) April 7, 2025
Stock Market Turmoil Adds to Crypto Weakness
U.S. stocks are also struggling. China’s stock market just suffered its worst single-day crash since 2008. At the same time, there are new concerns over macro policy, with JP Morgan suggesting the Federal Reserve might cut rates before its next scheduled meeting in May.
BIG BREAKING 🚨
— BITCOINLFG® (@bitcoinlfgo) April 7, 2025
THE FEDERAL RESERVE MAY HAVE TO CUT INTEREST RATES BEFORE THE NEXT MEETING IN MAY : JP MORGAN pic.twitter.com/q1jwVG3M6R
On X, analyst Michaël van de Poppe called today “Black Monday,” citing panic across both traditional and digital markets. He warned that volatility could increase in the next one to two weeks, with possible lower lows before any bounce.
President Trump’s announcement of new tariffs on 185 countries has also spooked global markets. Investors are reacting to the trade uncertainty by selling off risk assets like crypto.
There we go.
— Michaël van de Poppe (@CryptoMichNL) April 7, 2025
Black Monday, #Bitcoin back to the lows.
It's hard to judge how deep we'll go in times of panic, but we're taking the liquidity beneath the low and we'll be waiting on:
– Trump delaying Tariffs (not happening)
– FED announcing emergency meeting (max 1-2 weeks)
-… pic.twitter.com/acAPJrS5xB
Oversold Conditions Could Lead to a Bounce
Bitcoin’s daily RSI has dropped below 30, marking oversold territory. This doesn’t guarantee an immediate bounce but often signals that selling pressure may be easing or nearing its end.
There was also a big spike in trading volume during the drop, which might point to a wave of forced liquidations or even some capitulation. In past crashes, these kinds of volume surges have sometimes marked short-term bottoms.
Right now, a lot of traders are just waiting things out. Ethereum gas fees have fallen to their lowest levels since 2020, showing how quiet the network has become. That kind of silence usually happens when fear is high and traders step back, and historically, it’s been the calm before a recovery, even if no one knows exactly when it’ll come.
Read Also: Onyxcoin (XCN) Price Prediction: Is a 110x Rally Still Possible? Analyst Weighs In
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