Bitcoin (BTC) Price Drops Below $75000, Triggering a Steep Correction Across Cryptocurrencies

Global financial markets opened the week under pressure after an extended selloff in Asian equities. The downturn has spread to digital assets, triggering a steep correction across major cryptocurrencies.

Global financial markets started the week under pressure as an extended selloff in Asian equities spilled over to digital assets, triggering a steep correction across major cryptocurrencies.

The downturn has pushed Bitcoin (BTC) below the $75,125 mark on Monday, marking a loss of over 9% in 24 hours.

Other digital assets followed suit, with Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) encountering losses of 12% or more.

The sharp drop can be attributed to renewed global trade tensions following a policy announcement by the Trump administration. The administration unveiled a 10% flat tariff rate on various goods, with higher levies aimed at China, Japan, and the European Union.

Traditional markets reacted sharply to the news, and crypto traders responded with heavy selling in response.

Bitcoin Breaks Support Level as Trading Volume Surges

Bitcoin traded below its previous support of $77,500, encountering a 9.8% intraday drop to $74,887, according to data from Coingecko. This move came alongside a dramatic increase in trading activity.

Daily volume surged by over 220% to reach $44 billion. According to data from Coinglass, $322 million worth of Bitcoin positions were liquidated in the past 24 hours.

Technical analysts have persistently highlighted the $77,500 mark as a key support level for Bitcoin. Should the price remain below this threshold, some analysts believe it could signal a deeper pullback.

Consequently, economist Peter Schiff chimed in on the situation via X, remarking, “Bitcoin just dipped below $81K, breaking last week’s low. Might be a rough day for those still holding onto Bitcoin ETFs.” Schiff’s comments have reignited skepticism around Bitcoin’s reliability as a long-term store of value.

Meanwhile, the broader decline in equity markets has left traders pondering whether Bitcoin still acts as a hedge during market uncertainty. Often, when stocks rise, Bitcoin follows suit, and vice versa. However, this time, both classes of assets are declining in tandem.

Gold Gains While Crypto Retreats

Gold and silver moved in the opposite direction, with gold futures rising by $80 and silver extending its upward trend. The shift toward traditional safe-haven assets has reignited debate on how Bitcoin compares to gold in times of global financial stress.

Hunter Horsley, CEO of Bitwise Investments, suggested Bitcoin’s long-term value could increase amid global distrust.

“A global, digital, apolitical store of value — controlled by no nation — looks increasingly differentiated,” Horsley stated. While the price is down, some long-term investors are monitoring Bitcoin closely for potential future strength.

One analyst at The Chart Guys pointed out that a triple-bottom pattern at the $48K level in prior bear markets suggests that a move below $70K could spark another rally toward $100K.

Altcoins See Steeper Losses as Support Levels Collapse

Ethereum dropped to $1,550 after falling over 13% in a day. ETH is now down more than 50% in 2025.

On-chain data from Spot On Chain shows some large holders have continued buying during the dip, but others remain cautious. One analyst noted that a move below $1,200 could trigger further weakness toward the $600-$800 range, where strong support levels were encountered in previous bear markets.

XRP also saw steep losses, falling below $2 to trade near $1.70, marking a nearly 19% decline in 24 hours. Solana lost 14%, reaching $102, while Dogecoin dropped 16% to $0.143.

Analysts at Together Price Action have expressed concerns over whether XRP may revisit the $0.65 level if current trends continue. They noted that a break below the $1.565-$1.555 horizontal support zone could signal further weakness toward the $0.65 Fib level.

With nearly $1 billion in liquidations across the market, traders remain on edge while watching for signs of stabilization.