Bitcoin’s Bull Run Stalls as BTC Plunges Below $75,000 Amid Market Turmoil
Bitcoin’s recent rally appears to have hit a roadblock as BTCUSD tumbled below the critical $80,000 threshold, erasing gains from Q4 2024. The sell-off, driven by heightened market uncertainty, has raised questions about the sustainability of the cryptocurrency’s upward trajectory. This downturn follows geopolitical tensions and trade policy shifts, including announcements by former U.S. President Donald Trump on April 2, which triggered a wave of risk-off sentiment across digital asset markets. As Bitcoin struggles to maintain key support levels, investors are closely watching for signs of either recovery or further decline in the coming weeks.
Bitcoin Bull Run Over? BTC Drops Below $75,000
The Bitcoin bull run may be over as BTCUSD crashes below $80,000. Sellers have dominated the market, erasing Q4 2024 gains. There has been a significant shift in the crypto market, with prices continuing to drop below critical support levels. Despite optimism from some, the world’s most valuable coin has fallen below the psychological $80,000 mark. The drop began after an April 2 announcement by Donald Trump and the start of reciprocal tariffs, which temporarily spiked the Bitcoin price to $88,500 before a sharp decline. At this rate, BTC/USD may slip below Q1 2025 lows.
Bitcoin Uptrend Hints at Possible Surge to $109K
Bitcoin maintains its bullish trend, forming new higher highs and holding steady with higher lows. This classic indicator of an uptrend suggests buyer confidence remains intact and market sentiment is positive. The cryptocurrency could see a further price breakout, with the next key level being its all-time high near $109,000. If the current trend holds, a 30% rally from its current price could push Bitcoin to retest that historic level.
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BTC Mining Hashrate Hits ATH, Pressuring U.S. Miners
The Bitcoin (BTC) mining hashrate has surpassed 1 Zetahash per second (ZH/s), marking a significant milestone for the network. This increase in computational power used to mine and process transactions has brought challenges for BTC miners, especially in the U.S., who are already grappling with shrinking profits due to rising equipment costs caused by Trump’s tariffs. While a growing hashrate enhances the network’s resistance to attacks, it also adjusts its difficulty, posing additional challenges for miners. Different sources have reported slightly varying peak ZH/s numbers due to different measurement methods, with Mempool.space recording a peak of 1.025 ZH/s and BTC Frame measuring it at 1.02 ZH/s.
Black Monday 2.0? 5 Key Points on Bitcoin This Week
Bitcoin (BTC) is experiencing a turbulent week, with tariff chaos dragging its price towards 2021 levels. A new ’death cross’ has formed on the BTC/USD daily chart, indicating bearish momentum. The impact of US trade tariffs on global stock markets is overshadowing CPI week. Comparisons are being drawn to ’Black Monday’ in 1987 and the COVID-19 cross-market crash. Speculative investors in Bitcoin are facing losses, potentially leading to increased panic selling. Sentiment is extremely negative, with the TradFi Fear & Greed Index recording its lowest score ever.
