Bitcoin price fell below $80k today for the first time since March 11. It’s now trading around $79k, getting close to its previous bottom of just under $78k.
Ethereum, Solana and other altcoins are taking heavy losses too. ETH is trading around $1,600 – its lowest price since October 2023.
Between 7pm and 8pm CET, $200 million in crypto positions were liquidated. This happened when prices dropped and traders who borrowed money to bet on higher prices got their positions automatically closed. These forced sales pushed prices down even more as positions kept getting wiped out.
JUST IN: $200,000,000 liquidated from the cryptocurrency market in the past 60 minutes.
— Watcher.Guru (@WatcherGuru) April 6, 2025
Stock Market Crash Drags Crypto Down
The S&P 500 fell 6% today in a major market decline. Analyst Doctor Profit told his 400,000 X followers that the stock market dropped 10% in just two days – something that’s only happened four times in stock market history.
When stocks fall this hard, fear spreads to all investments. Investors typically pull money from risky assets like crypto to cover losses or move to safer options.
The stock market crashed 10% within two days, this happened only four times in the entire history of the stock market. I have been warning and preparing shorts long time ago, all I heard was critics which made me much more confident about it
— Doctor Profit 🇨🇭 (@DrProfitCrypto) April 6, 2025
Markets are still feeling the impact of President Trump’s new tariffs on 185 countries announced this week. These trade restrictions shocked global markets as people worry about their effects on trade and economic growth.
Crypto usually follows the stock market, especially during big market moves. When stocks fall, crypto often falls even harder because it’s more volatile.
Read also: Bitcoin Bull Market Over, Warns Crypto Expert: Don’t Expect a Quick Recovery
Market Shows Signs of Bottoming
The total crypto market’s daily RSI (Relative Strength Index) is now at 27. When this number drops below 30, it usually means the market is oversold and might be near a bottom.
Low RSI numbers can signal that selling pressure might be running out, but during strong downtrends, markets can stay oversold for a while before recovering.
During market situations like this, it’s often best to sit tight and limit trading activity. Ethereum’s transaction fees have dropped to their lowest levels since 2020, indicating extremely low network activity as traders step back from the market. Historically, these periods of extreme fear and low activity have often preceded eventual market recoveries, though timing the exact bottom remains nearly impossible.
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