Bitcoin Slip Below $80k Sparks Fear of Further Retracement to $75k

Bitcoin had one of its biggest dips on Sunday. It opened the session at $83,514 and retraced after a slight attempt at an uptick.

The apex coin had retested the $80k support and continued lower, slipping to a low of $78,512. It prints one of its longest candles in the last fourteen days, losing over 5% in the last 24 hours. 

BTC’s recent price movement is not isolated, as the US economy takes another significant blow. The stock market significantly declined, with reports stating that specific individuals lost over $500 million in two days.

The White House has since announced that the crash was not Donald Trump’s plan. Many blame the President for the ongoing turmoil; some claim they saw videos in which he acknowledged that he orchestrated the declines. 

However, a White House Advisor blamed the Federal Reserve for its decision to hold interest rates steady instead of cutting them. POTUS continually called for rate cuts, which never happened, leading to more market panic and ongoing selloffs.

It is worth noting that since Trump’s tariffs started, the US economy and the crypto market have been some of the worst hit by the policy change. After the announcement, several stocks hit new lows and shed November/December gains.

The President announced new levies, which took effect on April 2 and failed to immediately impact stocks. However, analysts stated that the effect may be gradual. Investors point out that these instruments may plummet on Monday as the current downtrend is taking place when the market is not in operation. 

Bitcoin Risks Further Declines 

Bitcoin hit a low of $78k for the first time in the last fourteen days. However, traders fear that the latest decline marks the start of a more aggressive selloff. 

Further fear in the traditional market will see more investors withdraw funds from high-risk assets like crypto to invest in low-risk assets. This will affect liquidity inflow, causing prices to plummet.

The moving average convergence divergence displayed a complete 12-day EMA interception. The bearish convergence may indicate that Bitcoin may retrace as low as $75k.

The post Bitcoin Slip Below $80k Sparks Fear of Further Retracement to $75k appeared first on Cointab.