TLDR
- Bitcoin price approaching a “death cross” pattern, dropping to $81,500 levels with Nasdaq and S&P 500 showing similar technical patterns
- Global markets saw significant losses last week, with S&P 500 erasing $2 trillion in investor wealth
- Crypto market cap dropped $250 billion in a week, with altcoins experiencing double-digit losses
- Trump’s planned tariffs and recession fears are driving market uncertainty and risk aversion
- Bitcoin miners sold over 2,400 BTC (approximately $220 million) last week, adding to selling pressure
Bitcoin price has fallen to $81,500 levels as technical patterns, global market trends, and geopolitical factors combine to create bearish pressure in crypto markets.
The world’s largest cryptocurrency has shed nearly 8% over the past week, dropping from recent highs of $88,800.
The price decline comes as Bitcoin, along with major stock indices like the S&P 500 and Nasdaq, approaches what analysts call a “death cross” pattern. This technical formation occurs when short-term moving averages cross below long-term ones, often signaling more downside ahead.
BTC Price
Market data shows the crypto market has lost approximately $250 billion in total value over the past week. The total market cap now stands at around $2.75 trillion, down from recent peaks above $3 trillion.
Bitcoin’s troubles mirror broader market trends. The S&P 500 erased around $2 trillion in investor wealth during last week’s trading sessions. After markets closed Friday, S&P 500 futures plunged further, wiping out an additional $120 billion within minutes.
Bitcoin attempted to rally past $90,000 earlier in March but faced strong rejection around $89,000. Trump’s announcement of 25% auto tariffs quickly reversed market gains, with further tariffs on Russia putting additional pressure on prices.
Economist Peter Schiff used the market downturn to criticize Bitcoin’s “digital gold” narrative. He pointed out that while gold reached new record highs above $3,090, risk assets like stocks and Bitcoin were selling off.
Crypto analyst Ali Martinez highlighted an important trend that may be affecting Bitcoin prices. According to Martinez, global money supply has actually dropped by nearly $1 trillion over the past two weeks, contradicting expectations of liquidity-driven growth.
One of the current bullish narratives is that #Bitcoin $BTC will rally as global liquidity grows.
But what they aren't telling you is that the Global Money Supply dropped nearly $1 trillion in the past two weeks! https://t.co/FVwzeiKzQW pic.twitter.com/whEwEuG65K
— Ali (@ali_charts) March 30, 2025
Bitcoin miners have also been selling their holdings. Data indicates miners offloaded more than 2,400 BTC during the past week, worth approximately $220 million at current prices.
The selling pressure comes amid growing concerns about Trump’s planned tariffs. The Wall Street Journal reported that Trump is considering higher tariffs against up to 25 countries, with potential rates of 20% for individual nations.
Trump is set to unveil his plans for reciprocal trade tariffs on April 2. The prospect of these tariffs has created uncertainty in markets, largely offsetting positive sentiment from Trump’s earlier establishment of a Bitcoin reserve.
Goldman Sachs recently raised its probability of a U.S. recession to 35% from 20% for the next 12 months. The investment bank cited uncertainty over Trump’s tariffs, persistent inflation, and signs of weakening consumer and business sentiment.
Recent losses have caused Bitcoin to drop nearly 40% from the record highs it reached around the time of Trump’s January inauguration. Speculative assets like cryptocurrencies often underperform during times of economic uncertainty.
Altcoins have taken an even harder hit than Bitcoin. Ethereum, XRP, Cardano, Chainlink, Avalanche, Hedera, and Litecoin have all posted double-digit price declines on a weekly scale.
XRP appears to be the worst performer among larger market cap coins. Its price has largely erased all gains made after the SEC dropped its case against issuer Ripple under the Trump administration.
As of press time, Bitcoin is trading just above $82,000 with daily trading volumes around $17.2 billion. The BTC futures open interest has declined 2.7%, falling below $53 billion, while 24-hour liquidations have reached $64 million.
