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Is Bitcoin (BTC) on track to reach $72,000?.Crypto Market Facing Devastation as Ethereum Drops by 10%

Sportflash by Sportflash
April 7, 2025
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Is Bitcoin (BTC) on track to reach $72,000?.Crypto Market Facing Devastation as Ethereum Drops by 10%

The market is entering uncharted territory as it faces a potentially challenging opening on Monday.

Despite growing technical and macroeconomic pressures, Bitcoin has managed to hold key levels. After several failed attempts to surpass the 200 EMA at approximately $85,344, Bitcoin is now showing signs of weakness around $82,870. A flattening RSI and a narrowing range between short-term moving averages suggest traders are becoming more uncertain. The weekend’s performance was relatively flat, but Monday could bring increased volatility.

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The market is bracing for the U.S. to impose new trading tariffs, which are expected to add further pressure on risk assets and international stocks. As trade tensions escalate, investors may turn to safer investments, potentially leading to capital outflows from Bitcoin, often viewed as a speculative asset during uncertain times. If selling pressure intensifies, Bitcoin may lose support at $82,000, potentially dropping to $78,000. Should this level break, bears may target the $72,000 mark, a key psychological level and past consolidation area. A breakdown at this level would represent one of the steepest declines in Bitcoin’s history, amounting to nearly a 15% drop from current levels. There are also signs of weakening volume.

Concerns have emerged about the sustainability of any short-term rebound, as recent buying activity has lacked strong volume support, despite previous price increases. The RSI is currently at 44, suggesting there may be room for one more decline before reaching oversold

The cryptocurrency market has fallen apart.

The price of Ethereum (ETH), the second-largest cryptocurrency by market cap, has dropped by 10%, based on data from CoinGecko.

The altcoin has dropped to an intraday low of $1,601, with the sell-off continuing to intensify. Bitcoin, the top cryptocurrency, has also fallen below the $79,000 mark, hitting a new intraday low of $78,882. However, its losses are less severe compared to Ethereum’s. The ETH/BTC ratio has now fallen to its lowest point since March 2020.

Although Bitcoin managed to perform unexpectedly well during the previous crash, it is now once again displaying its risk-on behavior. Jason Calacanis, a well-known American angel investor, has forecasted that Bitcoin could drop to $60,000 this year. Fox Business reporter Charles Gasparino has stated that major Wall Street trading desks are bracing for significant selling pressure, drawing comparisons between the current sell-off and the 2008 market crash.

Veteran economist Alasdair Macleod has stated that shorting Bitcoin is the most profitable strategy for navigating this bear market.

The bearish stance has sparked backlash from many in the Bitcoin community, with some members urging Macleod to act on his own advice.

“One user urged, ‘I strongly recommend you follow through with this suggestion, using significant size and leverage.'”

Macleod, who began his career as a stockbroker at the London Stock Exchange in 1970, has been a long-time critic of Bitcoin. In 2023, the gold enthusiast referred to it as “an outlet for speculation.” Meanwhile, Mike McGlone, Bloomberg’s senior commodity strategist, has predicted that Bitcoin could potentially lose a zero.

Tags: 000?10%CryptoDrops byEthereumFacing DevastationIs Bitcoin (BTC) on trackIs Bitcoin (BTC) on track to reach $72Marketto reach $72
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