Bitcoin has plunged to a four-month low of $74,000, sparking fears of a deeper correction that could test the $70k support zone. What’s going on in the crypto market, and why is BTC falling this hard? Let’s break it down.
📉 Bitcoin Price Plummets to $74,000 – What Happened?
In a shocking start to the week, Bitcoin (BTC) price fell sharply to $74,000, marking its lowest level in four months. This decline comes amid heightened volatility in the global financial markets, with analysts predicting the possibility of further dips towards the $70k mark.
The crash has taken many by surprise, especially after BTC showed resilience last week. However, the tide turned after a series of macroeconomic and geopolitical triggers—most notably, former U.S. President Donald Trump’s renewed tariff war announcements.
📰 Market Sentiment Turns Bearish: The Trigger Behind the Drop
The current Bitcoin price crash is strongly linked to Trump’s tariff announcements, which rattled global markets and reignited fears of a potential U.S. recession. Following the announcement, global stock markets nosedived, with Asian indices such as the Hang Seng plunging over 10%, their worst single-day loss since the 2008 global financial crisis.
This widespread panic spilled over into the crypto market, which historically moves in tandem with equities during risk-off periods. Despite prior beliefs that Bitcoin could act as a hedge against traditional market turmoil, the latest crash has challenged BTC’s “digital gold” status.
🕳 Bitcoin’s “Black Monday”: A Rollercoaster Ride Ahead?
Crypto analyst Michael van de Poppe described this downturn as “Black Monday” for crypto, noting that investor panic and uncertainty are making the market hard to read. He predicts a volatile 1–2 weeks ahead, with Bitcoin likely to retest its lows before stabilizing.
“I think we’ll see a rollercoaster 1–2 weeks in which we’re having a test of the lows for Bitcoin.” — Michael van de Poppe
As of now, Bitcoin is trading around $75,204, down 9.6% in the past 24 hours and 13% over the past month. With trading volume surging 220% to over $44 billion, the current environment indicates heavy selloffs and liquidations.
🧊 Liquidations and Breakdown of Key Support Levels
According to on-chain data, Bitcoin has seen over $322 million in liquidations within 24 hours. BTC fell to a crucial support zone around $77,500 and briefly dipped below it—a key level traders are watching closely.
If this support fails to hold, analysts warn that Bitcoin could plunge further, possibly toward $70,000 or even lower in the short term.
🪙 Altcoins Follow Bitcoin Into The Abyss
The crypto market isn’t just about Bitcoin. Altcoins have been hit even harder in the latest selloff:
- Ethereum (ETH) crashed by 13.5%, dropping to $1,550, and extending its 2025 losses to over 53%.
- Solana (SOL) is down 14%, trading at $102.
- Dogecoin (DOGE) plummeted by 16% to $0.143.
- XRP tumbled under the $2 support level, with analysts forecasting a dip to $0.65.
Despite this sharp correction, some whales are reportedly buying the dip—especially for Ethereum—hinting at long-term confidence in core assets.
💰 Gold and Silver Rally as Bitcoin Fails as a Safe Haven?
With the crypto market in decline, precious metals like gold and silver are on the rise. Gold prices surged by $80, while silver continues its upward trajectory, reigniting the debate over Bitcoin’s reliability as a store of value.
Peter Schiff, a known Bitcoin critic, added fuel to the fire, saying:
“Bitcoin just traded below 81K, taking out last week’s low. It could be a long day for those trapped in Bitcoin ETFs.”
🔮 What’s Next for Bitcoin and Crypto?
While panic has gripped the market, long-term investors and crypto institutions are still betting on Bitcoin’s strategic importance in a shifting global order. As Hunter Horsley, CEO of Bitwise Investments, points out:
“As nations trust each other less… a global, digital, apolitical store of value — controlled by no nation — looks increasingly differentiated. Bitcoin’s place in the world has never been more valuable.”
Key Takeaways:
- BTC price fell to $74,000, with potential downside to $70k if support breaks.
- The drop is triggered by Trump’s renewed tariff announcements and broader global market panic.
- Altcoins including ETH, SOL, DOGE, and XRP have dropped 10–16%.
- Over $900 million in liquidations occurred in 24 hours.
- Gold and silver prices are up, challenging Bitcoin’s hedge narrative.
- Long-term outlook for Bitcoin remains bullish, despite short-term volatility.
📌 Final Thoughts
The latest crypto market crash is a reminder of the unpredictable nature of digital assets, especially in times of global uncertainty. While short-term pain is evident, long-term players are holding firm, emphasizing Bitcoin’s role as a decentralized, non-sovereign asset in a divided world.
Whether this is a temporary dip or the beginning of a deeper correction, one thing is certain—crypto markets are at a critical juncture, and the next few weeks will be pivotal for investors.
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