$74K Wasn’t the Bottom for Bitcoin? Or the Last Dip Before BTC’s Next Leg Up?
Bitcoin
Cryptocurrency
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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Bitcoin’s rollercoaster ride continued this week, slipping below $75,000 and reaching an intraday low of approximately $74,600—a level that rattled even seasoned traders. The selloff of Bitcoin didn’t spare the rest of the market either, with top altcoins like Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) all seeing sharp losses.
The Crypto Fear & Greed Index has plunged to 15, deep in “extreme fear” territory, reflecting widespread uncertainty across the board. The total crypto market cap now stands at $2.43 trillion, down 3.62% in 24 hours, as fear outweighs FOMO in the current climate.
Trade War Shock: The Real Catalyst Behind Bitcoin’s Fall
This latest round of selling was triggered by former President Donald Trump’s surprise decision to slap a 104% tariff on Chinese imports, escalating fears of a new, prolonged global trade war. The move rippled through global markets, leading to one of the biggest single-day declines in equities since the 2008 financial crisis.
- Bitcoin fell 11% in a week, slipping under $75K
- Ethereum and other altcoins dropped even more
- The S&P 500 lost over 1.5%—its worst day in years
The convergence of macroeconomic uncertainty and digital asset volatility is driving many investors back to risk-off strategies.
ETF Outflows Add Fuel to the Fire; Bitcoin Down
Bitcoin’s slide wasn’t just about geopolitics. On-chain data shows that BlackRock’s IBIT ETF sold off 3,296 BTC, marking its third-largest outflow since launch. Across the board, U.S.-based Bitcoin ETFs saw $326 million in outflows, amplifying bearish sentiment among institutional investors.
These exits suggest institutions are trimming exposure amid uncertainty, compounding fears of a deeper correction.
Recession Warnings Add Pressure
Macro fears are growing louder. Analysts like Peter Schiff and Arthur Hayes are warning that the recent volatility in crypto and equities might be early signs of a broader global slowdown. With no clear end to trade tensions, and potential recessionary forces mounting, the Federal Reserve is under increasing pressure to act.
Without monetary easing—or at least a clear Fed pivot—Bitcoin could remain stuck in a choppy and fragile environment.
But Is the Bottom In? Here’s the Bullish Case
Despite the gloom, some bullish signs are emerging. Bitcoin is still holding above its 38.2% Fibonacci retracement level, and technical traders are watching a potential TD Sequential buy signal on the weekly chart—often a precursor to a trend reversal.
There’s also the Fair Value Gap (FVG) around $80,000, which could act as a magnet if momentum returns.
Bullish arguments include:
- Weekly TD Sequential signals a possible rebound
- Holding above key Fibonacci level
- FVG near $80K could attract bulls
Daily Technical Outlook – Bitcoin (BTC/USD) – April 9, 2025
Bitcoin is hovering near $76,862, recovering slightly from its recent low but still under key resistance. Price action remains below the 50 EMA (currently at $80,559), which continues to act as dynamic resistance.
- Resistance levels: $78,492 (pivot), $80,500 (EMA), $84,000 (breakout trigger)
- Support levels: $74,413 • $72,135 • $69,720
- RSI: 39.7 – Gradually improving, but still below the 50-neutral line
Still bearish unless we see a confirmed daily close above $78,500. Bulls must reclaim $80,500 to restore confidence and open a path toward new highs.
Final Takeaway: Dip Before Lift-Off or Start of a Slide?
Bitcoin’s dip to $74.6K has stirred debate: Was that the bottom—or just the beginning of something worse? With macro pressures, ETF outflows, and a fearful market mood, BTC is facing some serious headwinds.
But if technical support holds and institutional buyers return, we could see this pullback as the last big dip before the next leg up—especially if the Fed steps in to cool market panic.
For now, all eyes are on:
- $74,400 support
- $78,500 resistance
- ETF flows & Fed policy decisions
The next few days could define whether $74K was the floor—or just the first stop on a deeper correction.
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