{"id":126401,"date":"2025-04-03T16:18:50","date_gmt":"2025-04-03T16:18:50","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126401"},"modified":"2025-04-03T16:18:50","modified_gmt":"2025-04-03T16:18:50","slug":"bitcoin-falls-toward-80k-and-prints-death-cross-as-us-stocks-mimic-2020-covid-19-crash","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126401","title":{"rendered":"Bitcoin falls toward $80K and prints \u2018death cross\u2019 as US stocks mimic 2020 COVID-19 crash"},"content":{"rendered":"

Source: Cointelegraph.com NewsBitcoin (BTC) hit new monthly lows at the April 3 Wall Street open as US unemployment data added to pressure on risk assets.BTC\/USD 4-hour chart. Source: Cointelegraph\/TradingView
\nBitcoin gives early April gains as stocks plummet
\nData from Cointelegraph Markets Pro and TradingView confirmed the first trip below $82,000 for BTC\/USD since the start of the month.
\nAfter initially surging as high as $88,580 as the US government unveiled reciprocal trade tariffs, Bitcoin soon ran out of steam as the reality of the stronger-than-expected measures hit home.
\nUS stocks then followed, with the S&P 500 down over 4% on the day at the time of writing.
\n\u201cToday’s -3.7% drop puts the S&P 500 on track for its largest daily decline since the 2020 pandemic lockdowns,\u201d trading resource The Kobeissi Letter wrote in part of a reaction on X.\u00a0
\n\u201cSince the after hours high at 4:25 PM ET yesterday, the S&P 500 has erased nearly $3 TRILLION in market cap.\u201d
\nS&P 500 1-hour chart. Source: Cointelegraph\/TradingViewThereafter, US initial jobless claims came in below estimates, at 219,000 versus the anticipated 228,000, per data from the US Department of Labor (DoL).
\n\u201cThe 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,\u201d an official press release stated.
\nStronger labor market trends are traditionally associated with weaker risk-asset performance as they imply that policymakers can keep financial conditions tighter for longer.
\nData from CME Group\u2019s FedWatch Tool nonetheless continued to see markets favor an interest-rate cut from the Federal Reserve at the June meeting of the Federal Open Market Committee (FOMC).
\nFed target rate probabilities (screenshot). Source: CME Group\u201cAs recession odds rise, markets think that the Fed will be forced to cut rates as soon as next month,\u201d Kobeissi added.
\nBearish BTC price action could last \u201c3-6 months\u201d
\nBTC price action predictably continued to disappoint on short timeframes as $80,000 support became uncomfortably close.
\nRelated: Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook
\n\u201cStair step up then elevator down,\u201d popular trader Roman summarized in part of his latest X analysis.
\nMarket commentator Byzantine General flagged short positions increasing across major crypto pairs, concluding that tariffs would ensure that lackluster conditions would continue.
\n\u201cI could see a stop hunt below the local lows before a pump to squeeze shorts, then probably more chop that slopes downward,\u201d he told X followers.\u00a0
\n\u201cI do think that with the tariff responses that are most likely coming upside will be limited.\u201d
\nBitcoin and Ethereum market data. Source: Byzantine General\/XOnchain analytics firm Glassnode had more bad news. According to their data, Bitcoin printed a new \u201cdeath cross\u201d involving the convergence of two midterm moving averages (MAs).
\n\u201cAn 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,\u201d an X post announced.\u00a0
\n\u201cHistorically, this pattern preceded 3\u20136 months of bearish trends.\u201d
\nBitcoin realized price \u201cdeath cross\u201d impact data. Source: Glassnode\/XEarlier this week, Glassnode observed that speculative sell-offs in recent months have fallen considerably short of volumes traditionally associated with blow-off BTC price tops.
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsBitcoin (BTC) hit new monthly lows at the April 3 Wall Street open as US unemployment data added to pressure on risk assets.BTC\/USD 4-hour chart. Source: Cointelegraph\/TradingView Bitcoin… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126401"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126401"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126401\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126401"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}