'Black Monday' Strikes the Cryptocurrency Market as Bitcoin Falls Below 77,000 USD

'Donald Trump's 'Liberation Day' has had a deadly impact not only on the crypto market but also on the global stock market, including countries like China, Japan, Taiwan, the UK, Germany, etc. As tariffs and reciprocal tariffs escalate, instability increases, which has reinforced bearish action. The crypto market recorded a continuous fall of 10% on the second day, reflecting a rarity in history that has only occurred four times: October 1987, October 2008, March 2020, and now April 2025. It is important to note that all previous events have led to significant crashes in the stock market, such as 'Black Friday' in 1987, the housing bubble in 2008, and the COVID-19 pandemic in 2020. These events have led to a significant fall, causing the market to consolidate for a long time. Now the question is whether the tariff war in 2025 could have a similar impact on the global stock market and the crypto market. The crypto market is no longer decentralized. Since organizations have gotten involved, the crypto market has become more centralized, with a large amount of BTC held by 4 to 5 major companies. MicroStrategy began accumulating after the collapse in March 2020, and in September 2020, it triggered the price increase of 2021. Since then, the company has been accumulating strongly and now holds over 500,000 BTC, accounting for 2.25% of the total supply. In addition, a similar amount of BTC is being held by Blackrock stock (IBIT), which could be a concerning issue. Previously, the crypto market had surged while the stock market faced some volatility. However, the increasing correlation between the markets suggests that worse days are ahead as the stock market is predicted to face an additional fall of 15% to 20% in the coming days. What will happen next as the price of Bitcoin (BTC) rises sharply? After losing the important support level at $81,017, the price of Bitcoin continues to fall, indicating a test of the support level at $76,763. Meanwhile, buyers have triggered a recovery at $76,666, but the possibility of a bearish trend continuing still persists. The price has entered the 'Do or Die' range, which could confirm whether the ongoing pullback is a healthy correction or the beginning of a bear market.

The historical chart of Bitcoin shows that the price is truly precarious. The current global market has no room for recovery, and therefore, lower targets have been triggered. The weekly Ichimoku cloud is heading towards a bearish cross, while the weekly RSI has fallen below 45 for the first time since the increase earlier in 2023. Interestingly, the RSI only falls to lower thresholds during bearish market periods, in 2018, 2020, and 2022. If the levels do not hold above 40, the RSI is expected to reach 30, which could pull the price of BTC below 70,000 dollars. Therefore, the current market sentiment is extremely frightening, and thus, holding may be the perfect strategy that one can apply instead of panic selling. However, when conditions improve, the price of Bitcoin (BTC) will recover and rise.