Bitcoin Nearing A Death Cross? BTC Struggles Below $76K Amid Market Volatility, Global Uncertainty

Cryptocurrency markets, which had surged following President Donald Trump’s re-election, are now showing signs of strain. Bitcoin slipped below $76,000 on April 7, following the sweeping global tariffs announced last week, with other major cryptocurrencies also trading in the red.

As a result of this, cryptocurrencies faced a sharp sell-off at Asia open- Bloomberg reported.

At the time of writing, Bitcoin was trading at $75,064, reflecting a 9.77 per cent decline on CoinMarketCap. This marks its lowest level since November. This cryptocurrency reached an all-time high of $109,114.88 on January 20, indicating a fall of approximately 32 per cent from its peak.

Alongside Bitcoin, major altcoins also witnessed sharp declines. Ethereum dropped by 20.56 per cent to $1,430.85, while Solana slipped 19.38 per cent to $96.82. XRP fell by 21.69 per cent to $1.65, and Cardano was down 19.46 per cent, trading at $0.5168, which makes the overall market capitalisation fall by 11.12 per cent to $2.37 trillion, whereas the 24-hour trading volume surged 222.26 per cent to $134.96 billion, indicating panic selling across the board.

According to Coinglass data, about $758 million worth of bullish crypto positions were liquidated in the past 24 hours. Bloomberg reported this as the highest level of liquidations in nearly six weeks.

Despite the volatility, Edul Patel, Co-founder and CEO of Mudrex points out Bitcoin has not slipped significantly.

He says, “Bitcoin dipped amid wider market volatility triggered by the US President’s announcement of new tariffs. While BTC experiences short-term volatility, it has not slipped significantly and continues to trade within a stable range, retaining some of its yearly gains. In increasingly unpredictable macroeconomic environments, Bitcoin has the potential for long-term value preservation.”

Adding to the market perspective, CoinDCX Research Team noted: “The crypto market is witnessing sharp declines as uncertainty from the US trade tariffs spills into global sentiment. Bitcoin slipped below key levels, and most altcoins are recording double-digit losses, hinting at the onset of a bear market. While global markets brace for further volatility, Jim Cramer predicts a 20 per cent drop similar to the 1987 Black Monday crash. However, billionaire Mark Cuban urges investors not to panic sell, noting that markets tend to recover even if the timeline remains uncertain.”

In line with this market analysis, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, shared his perspective, he says: “This downturn mirrors the broader market sell-off and with analysts saying Bitcoin is nearing a ‘death cross,’ technical indicators point to the possibility of sustained bearish momentum.”