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Bitcoin and the global cryptocurrency market faced a sharp decline as concerns over the U.S. economy pushed investors into panic mode. Bitcoin dropped to $76,000, marking its lowest level in four months. This sudden drop caused massive liquidations, with traders losing $952 million in just 24 hours.
Bitcoin Dips Below $80K
Bitcoin has been on a losing streak for five days, falling from $80,000 to $77,000. Analysts believe this drop is due to rising fears of a U.S. recession, with the chances now at 40%.
At the same time, there is speculation that former President Donald Trump’s policies may be influencing market movements to push the Federal Reserve into cutting interest rates.
Market expert Anthony Pompliano suggests that recent stock market instability, partly caused by Trump’s tariffs, could be putting pressure on Fed Chair Jerome Powell to lower borrowing costs.
Meanwhile, the 10-year Treasury yield has dropped from 4.8% in January to 4.21%, leading many to believe that the Federal Reserve may soon adjust its monetary policy. This could have a major impact on both the stock market and cryptocurrencies.
Bitcoin’s Next Move: Recovery or Further Drop?
Bitcoin has been falling for weeks and dropped to $76,900, its lowest level since November 2024. However, it is still holding slightly above the 50-week Exponential Moving Average (EMA), which could be a good sign.
However, a selling continues, Bitcoin might fall further to $73,750, an important support level from March 2024.
But if buyers step in and push the price above $80,000, BTC could recover and aim for $85,000.