Crypto Market Crashes! Liquidations Near $1 Billion as Bitcoin Price Teeters at $77K

The cryptocurrency market has just witnessed a brutal crash, with the Bitcoin price and famous altcoins suffering huge losses. Over the past 24 hours, a massive panic sell-off has ensued. The total liquidations since yesterday have surged to nearly $1 billion. This sell-off comes as investors brace for further fluctuations in traditional markets as well. 

The market crash followed the announcement of Trump’s tariffs and has triggered rapid liquidations across crypto exchanges. Data from Coinglass reveals that the sell-offs over the past day have exceeded $900 million. The single-largest liquidation was a $16 million position. This wave of selling has further worsened the crypto market crash.

Bitcoin Hits Months-Long Low

Bitcoin has experienced a steep drop this weekend. Last week, it was trading above $88,000. But yesterday, a dramatic fall took Bitcoin to $77,000 from $82,000. This level marks its lowest price in the last few months. BTC had managed to stabilize around $83,000 during the week. But, late on Sunday, it finally gave in to the growing selling pressure. This crypto market crash is being linked to Trump’s tariffs and the following geopolitical tension. 

Compared to Bitcoin, altcoins are seeing worse times. Ethereum (ETH) dropped to just above $1,500, marking its lowest level since October 2023. On the other hand, XRP plunged below the $2 mark, losing 12% in a single day. Other cryptocurrencies like Litecoin (LTC), Dogecoin (DOGE), and SUI also saw similar losses.

Bitcoin Must Hold On to $76K

While the past few months have seen bullish optimism for Bitcoin, it has continued to be heavily influenced by overall market conditions. Many predictions were being made, with BitMEX founder Arthur Hayes also warning that Bitcoin must hold $76,000 until tax day. If Bitcoin falls below that level, Hayes warned that investor interest will drop rapidly.

BTC Price Analysis: BTC Tanks to $77K

These conditions are testing times for even seasoned coins like Bitcoin. Given that, let’s take a quick look at Bitcoin’s performance in the last 24 hours and form a BTC price prediction for today. Bitcoin started the day at around $83,500. The coin was consolidating in the tight range between $83,100 support and $83,700 resistance. As buying pressure continued to take the RSI to overbought levels, BTC stuck close to the resistance. 

Chart 1: published on TradingView, April 7, 2025

But the oversold conditions at the beginning of the day soon warranted a price drop, as BTC settled near the support at 3:00 UTC. After that, Bitcoin was not able to form any notable uptrend. Around 6:40 UTC, the price slowly declined, leaving the support level, and went on a slight downtrend. The downtrend eventually led the Bitcoin price to $82,700 by 15:45 UTC. At 15:50, a steep decline occurred, preceded by the 15:35 UTC death cross. 

This significant downtrend led Bitcoin all the way down to $78,950 by 19:00 UTC, marking the Bitcoin price’s first foray into the $70Ks in a while. Bitcoin found some support at that price, with the market facing oversold conditions. A trend reversal was seen, but it failed to breach the $79,900 barrier. This led Bitcoin to slump further to $77,245, finding support there. An uptrend followed, but it lost steam near the $79K mark. As of the last update, Bitcoin traded near its new support. 

BTC Price Prediction: Will the Bitcoin Price Fall Further?

Bitcoin has been under massive speculation, and the crypto market crash has finally caught up to it. As of now, with Bitcoin failing to form a stable uptrend, it looks implausible for it to test resistance again anytime soon. Given the latest death cross on the MACD, the support is bound to get tested strictly. However, the buying pressure also seems to be low, so we could either see a consolidation, or the worst scenario: Bitcoin will breach support and dip further to find support around $76,000.