Bitcoin Price Drops Below $75K: Peter Schiff Warns Crypto Is ‘Starting to Crack’ After Trump Tariffs

Bitcoin price has taken a hit as the broader crypto market reacts to U.S. President Donald Trump’s new tariffs. Economist Peter Schiff declared crypto is “finally starting to crack,” noting Bitcoin slipped below $81K and Ether hit its lowest since October 2023. Schiff criticized both Trump’s Strategic Bitcoin Reserve idea and his recent trade policy, calling the tariffs even “dumber.” As stock markets from the U.S. to Asia plummeted, over $892 million in crypto positions were liquidated. Schiff warned of a tough day ahead for ETF holders, especially as key coins like Bitcoin and Ethereum extend their losses.

Peter Schiff Slams Trump Tariffs 

As the crypto market reels from macroeconomic pressure, the Bitcoin price dropped over 7.18% in 24 hours to $75,186, triggering widespread concern. The decline follows U.S. President Trump’s announcement of new tariffs on Friday, sparking global sell-offs. Economist Peter Schiff weighed in, tweeting that crypto is “finally starting to crack,” with Bitcoin breaking below $81K and Ethereum down 67.3% from its peak, now trading at $1,591.

Schiff, a vocal critic of crypto, ridiculed Trump’s economic approach, saying:

I thought the dumbest thing Trump would do was establish a Strategic Bitcoin Reserve. I was wrong.

— Peter Schiff (@PeterSchiff) April 7, 2025

He also aimed at industry leaders for backing Trump’s policies, suggesting their motives range from ignorance to strategic alignment for potential gains. The fallout wasn’t limited to crypto. U.S. stock futures slipped Sunday night, while Japan’s Nikkei 225 plunged 8.9% and Taiwan’s Taiex dropped nearly 10%, triggering circuit breakers. Meanwhile, over $892 million in crypto liquidations hit traders hard, especially those holding Bitcoin positions.

The Trump meme coin, launched earlier this year, wasn’t spared either—falling over 13% and losing nearly 90% of its value from January highs. Schiff warned ETF investors could face a “long day” as the pain spreads across digital and traditional assets alike.

Bitcoin Price Analysis of April 7

The trading day of April 6th opened with Bitcoin entering overbought territory on the RSI, pushing the price to a high of $83,813.96. However, the bullish momentum quickly faded. At 16:00 UTC, a death cross on the MACD signaled the start of a bearish reversal. This was confirmed between 17:50 and 19:10 UTC as the RSI dipped into oversold levels, leading to a break below key support. The decline continued, pulling BTC into a lower trading range, with another oversold signal appearing at 23:20 UTC. Shortly after, Bitcoin found temporary support at $77,154.53.

Chart 1, analyzed by ShwetaCW, published on TradingView, April 7, 2025

As illustrated in Chart 1, at 23:35 UTC, a golden cross emerged on the MACD, suggesting a potential bullish recovery heading into April 7th. However, at 2:50 UTC, a fresh bearish signal appeared, raising doubts about any sustained reversal. By 4:45 UTC, the RSI once again signaled oversold conditions, hinting at a possible breakdown. Around 4:40 UTC, Bitcoin broke below the support level under sustained bearish pressure. According to Bitcoin price prediction models, if this downward momentum continues, BTC could fall below the $75K mark. However, if the trend reverses, the price may re-enter the previous trading range, break the $81,664 resistance, and potentially climb above $84K.

Trump Tariffs Rattle Crypto as Bitcoin Dips Below $75K

The news of Trump tariffs has rattled the crypto market, with the Bitcoin price slipping below key support levels. Peter Schiff’s warning adds to bearish sentiment. If the Crypto Market stays under pressure, Bitcoin could dip below $75K. A reversal may retest the $81K resistance, but risks remain elevated.