Bitcoin falls toward $80K and prints ‘death cross’ as US stocks mimic 2020 COVID-19 crash

BitcoinBTCRisk assets were under pressure as US data on unemployment added further to the downward trend of risky assets.

Bitcoin gains in early April as stock prices plummet

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Since the beginning of this month, the BTC/USD price has been below $82,000.

Bitcoin’s price fell to around $8,580 after the US Government announced a reciprocal trade tariff. ran out of steam as the reality of the stronger-than-expected measures hit home.

US stocks then followed, with the S&P 500 down over 4% on the day at the time of writing.

“Today’s -3.7% drop puts the S&P 500 on track for its largest daily decline since the 2020 pandemic lockdowns,” The Kobeissi Letter is a trading resource that was written in part by a reaction on X. 

“Since the after hours high at 4:25 PM ET yesterday, the S&P 500 has erased nearly $3 TRILLION in market cap.”

The US Department of Labor reported that initial claims for unemployment in the US were lower than expected, with 219,000 claims compared to the 228,000 anticipated, according to data.

“The previous week’s level was revised up by 1,000 from 224,000 to 225,000. The 4-week moving average was 223,000, a decrease of 1,250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 224,000 to 224,250,” Official press release stated.

As a rule, weaker performance of risk assets is associated with stronger labor market trends. This implies that the policymakers are able to keep their financial conditions more restrictive for a longer period.

CME Group data FedWatch Tool Nevertheless, markets continue to favor a Federal Reserve rate cut at the meeting of the Federal Open Market Committee in June.

“As recession odds rise, markets think that the Fed will be forced to cut rates as soon as next month,” Kobeissi added.

BTC’s price decline could continue for some time. “3-6 months”

BTC’s price movement continued to be disappointing on short-term timeframes, as the $80,000 level became uncomfortable.

Related: Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

“Stair step up then elevator down,” Popular trader Roman summarized In part, his latest X-analysis.

Byzantine General, an expert market analyst, observed that the number of short crypto positions was increasing on major pairs. He concluded that tariffs were to blame for this.

“I could see a stop hunt below the local lows before a pump to squeeze shorts, then probably more chop that slopes downward,” He told X Followers 

“I do think that with the tariff responses that are most likely coming upside will be limited.”

Glassnode is an Onchain Analytics firm. They had bad news. According to the data they have, Bitcoin is printing a brand new version. “death cross” The convergence of the two midterm moving-averages (MAs).

“An onchain analogue to the Death Cross has emerged. The 30-day volume-weighted price of $BTC has crossed below the 180-day, signaling weakening momentum,” An X-post was announced. 

“Historically, this pattern preceded 3–6 months of bearish trends.”

Glassnode reported earlier in the week that speculation-driven selloffs over recent months had impacted stock prices. fallen considerably short Volumes traditionally associated with BTC blow off price tops.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of investment.