title: Bitcoin (BTC) and Other Cryptocurrencies Have Remained in a Strong Downtrend This Year

Bitcoin and other cryptocurrencies have remained in a strong downtrend this year, shedding over $1 trillion in value.

The crypto market has been largely battered this year, with Bitcoin and other major coins having lost a collective $1 trillion in market cap.

The crypto market has been largely battered this year, with Bitcoin and other major coins having lost a collective $1 trillion in market cap.

Bitcoin (BTC) price crashed from the year-to-date high of $109,300 to trade at $82,000 on Monday, July 10. Popular altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) had seen even steeper declines from the 2024 highs.

Bitcoin (BTC) price crashed from the year-to-date high of $109,300 to trade at $82,000 on Monday, July 10. Popular altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) had seen even steeper declines from the 2024 highs.

Crypto prices fell further after the US stock market suffered another round of losses, pushing the S&P 500 index closer to forming a bearish death cross pattern.

Crypto prices fell further after the US stock market suffered another round of losses, pushing the S&P 500 index closer to forming a bearish death cross pattern.

This pattern occurs when the 50-day and 200-day moving averages of an asset cross each other, which is often seen as a technical signal for the start of a prolonged bear market.

This pattern occurs when the 50-day and 200-day moving averages of an asset cross each other, which is often seen as a technical signal for the start of a prolonged bear market.

The spread between the 50-day and 200-day weighted moving averages (WMA) of the S&P 500 index had continued to narrow. The 50-day WMA was trading at $5,900 on Monday, July 10, while the 200-day WMA was at $5,857. A crossover would likely lead to further downside, as the index dropped 23% the last time it formed this pattern in 2022.

The spread between the 50-day and 200-day weighted moving averages (WMA) of the S&P 500 index had continued to narrow. The 50-day WMA was trading at $5,900 on Monday, July 10, while the 200-day WMA was at $5,857. A crossover would likely lead to further downside, as the index dropped 23% the last time it formed this pattern in 2022.

The S&P 500 index is often seen as a reliable indicator for the crypto market since both are considered risky assets and tend to move in correlation.

The S&P 500 index is often seen as a reliable indicator for the crypto market since both are considered risky assets and tend to move in correlation.

However, the main focus was on the upcoming Federal Reserve interest rate decision next week. A more dovish tone as the US dollar index and the bond market suggests would likely lead to a rebound.

However, the main focus was on the upcoming Federal Reserve interest rate decision next week. A more dovish tone as the US dollar index and the bond market suggests would likely lead to a rebound.

On the other hand, a hawkish stance could keep the markets in the current oversold and overbought zones respectively.

On the other hand, a hawkish stance could keep the markets in the current oversold and overbought zones respectively.

The crypto fear and greed index dropped to the extreme fear zone of 19 on Monday, July 10. Similarly, the fear gauge tracked by CNN Money dropped to 20.

Main factors putting traders in the fear camp included growing concern that the United States is heading toward a self-inflicted recession due to Donald Trump’s tariffs.

Main factors putting traders in the fear camp included growing concern that the United States is heading toward a self-inflicted recession due to Donald Trump’s tariffs.

These fears outweighed positive news in the crypto industry. For example, the Securities and Exchange Commission has ended numerous lawsuits affecting companies like Uniswap, Kraken, and Coinbase.

Further, Donald Trump signed an executive order to create a strategic Bitcoin reserve and digital coins stockpile. Also, more institutional investors like Citadel, Blackrock, Rumble, and Trump Media have started to acquire Bitcoin.

Bitcoin and altcoins could face further declines if the S&P 500 index forms a death cross pattern - a technical formation that occurs when the 50-day and 200-day moving averages cross each other. This pattern often signals the start of a prolonged bear market.

The spread between the 50-day and 200-day weighted moving averages (WMA) of the S&P 500 index had continued to narrow. The 50-day WMA was trading at $5,900 on Monday, July 10, while the 200-day WMA was at $5,857. A crossover would likely lead to further downside, as the index dropped 23% the last time it formed this pattern in 2022.

The spread between the 50-day and 200-day weighted moving averages (WMA) of the S&P 500 index had continued to narrow. The 50-day WMA was trading at $5,900 on Monday, July 10, while the 200-day WMA was at $5,857. A crossover would likely lead to further downside, as the index dropped 23% the last time it formed this pattern in 2022.

The S&P 500 index is often seen as a reliable indicator for the crypto market since both are considered risky assets and tend to move in correlation.

The S&P 500 index is often seen as a reliable indicator for the crypto market since both are considered risky assets and tend to move in correlation.

However, the main focus was on the upcoming Federal Reserve interest rate decision next week. A more dovish tone as the US dollar index and the bond market suggests would likely lead to a rebound.

However, the main focus was on the upcoming Federal Reserve interest rate decision next week. A more dovish tone as the US dollar index and the bond market suggests would likely lead to a rebound.

On the other hand, a hawkish stance could keep the markets in the current oversold and overbought zones respectively.

On the other hand, a hawkish stance could keep the markets in the current oversold and overbought zones respectively.

The crypto fear and greed index dropped to the extreme fear zone of 19 on Monday, July 10. Similarly, the fear gauge tracked by CNN Money dropped to 20.

Main factors putting traders in the fear camp included growing concern that the United States is heading toward a self-inflicted recession due to Donald Trump’s tariffs.

Main factors putting traders in the fear camp included growing concern that the United States is heading toward a self-inflicted recession due to Donald Trump’s tariffs.

These fears outweighed positive news in the crypto industry. For example, the Securities and Exchange Commission has ended numerous lawsuits affecting companies like Uniswap, Kraken, and Coinbase.

Further, Donald Trump signed an executive order to create a strategic Bitcoin reserve and digital coins stockpile. Also, more institutional investors like Citadel, Blackrock, Rumble, and Trump Media have started to acquire Bitcoin.