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Bitcoin (BTC<\/a>) fell to a four-month low of $74,500 on April 7, and data suggests that the price may not have bottomed yet. <\/p>\n Investors dumped risk assets after US President Donald Trump doubled down on his plan to impose global tariffs<\/a> over the weekend, triggering a $9.5 trillion wipeout in global equity markets.<\/p>\n BTC\/USD vs. TOTAL crypto market cap, S&P 500, and MSCI World index one-year performance. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Growing calls for a US recession<\/a> have spooked risk investors while leaving crypto market participants wondering how low can the Bitcoin price go in the near future.<\/p>\n Bitcoin is currently testing a critical technical level—the 50-week exponential moving average (50-week EMA)—which has historically acted as a dividing line between bull and bear phases. <\/p>\n According to market analyst Ted Pillows<\/a> and numerous other chartists<\/a>, Bitcoin must reclaim the EMA, currently near $77,500, to avoid a deeper correction.<\/p>\n BTC\/USD weekly price chart. Source: TradingView\/Ted Pillows<\/em><\/p>\n<\/figcaption><\/figure>\n If BTC fails to close back above it, Pillows warns of a potential decline toward the $69,000–$70,000 range, which aligns with the 2021 cycle highs. A further drop to $67,000, the average entry-level of Strategy’s Michael Saylor<\/a>, also remains a possibility.<\/p>\n Source: <\/em>@ChrisTradesXYZ<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Bitcoin appeared to have found short-term support at around $74,000, which corresponds to a notable cost-basis cluster where over 50,000 BTC are held. <\/p>\n Glassnode’s UTXO realized price distribution (URPD) heatmap shows<\/a> this is the first major cost-basis cluster below $80,000. These holders raised their average buy price until March 10, then stopped moving coins—showing confidence, not panic.<\/p>\n Bitcoin URPD heatmap. Source: Glassnode <\/em><\/p>\n<\/figcaption><\/figure>\n Investors hold around 175,000 BTC in the $74,000–$70,000 range, creating a strong buffer zone. The largest cluster sits at $71,600, with 41,000 BTC concentrated there, making it the likely next support if $74,000 breaks.<\/p>\nBitcoin eyes decline toward “Saylor’s average entry“ level<\/h2>\n
Bitcoin “max pain” target is near $69,000 <\/h2>\n
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