In a surprise move for the cryptocurrency space, Bitcoin (BTC), the world's most valuable cryptocurrency dipped below $77,000 on Wednesday morning (April 9), sending shivers down investors' spines. This Bitcoin dip illustrates the continued rollercoaster effect in the market due to worldwide tensions, particularly the fresh U.S. tariffs on China. CoinMarketCap data indicates that the total Market Fear & Greed Index stood at 15 (Extreme Fear), which illustrates the prevailing uncertainty.

When this was being written, Bitcoin was trading at $76,452.37, down 4.08 percent in the last 24 hours. BTC was traded in India at approximately Rs 65.87 lakh. Ethereum (ETH), the second largest altcoin in terms of market capitalization, also fell sharply, down 8.25 percent to $1,454.86. Other top altcoins, such as Solana (SOL), Ripple (XRP), and Litecoin (LTC), also fell, with the losses ranging from 3% to 5%.

Altcoins are losing value

·         Dogecoin (DOGE) fell 4.90% and was trading at $0.1438

·         Litecoin (LTC) fell 3.43% to $69.79

·         Ripple (XRP) fell by 4.18% to $1.80

·         Solana (SOL) declined by 4.59% to $105.49

The global crypto market capitalization stood at $2.43 trillion, having decreased by 3.62% in the last 24 hours.

Main Movers

The biggest gainer of the day was JasmyCoin (JASMY), which gained 5.05% to $0.01038. The other notable gainers were Story (IP), UNUS SED LEO (LEO), Four (FORM), and Hyperliquid (HYPE).

But the largest loser was the AB token, dropping more than 27% over the past 24 hours. Fartcoin (FART), NEAR Protocol (NEAR), and Lido DAO (LDO) also suffered double-digit declines.

What Experts Say Regarding Bitcoin dip

Edul Patel, the CEO at Mudrex, said the following about the circumstance: "Bitcoin has recovered to $76,000 after retouching the support level around $74,500. Both the U.S.-China trade war and volatility in the equity market are catalyzing the move. Despite the recent downtrend in Bitcoin dip, whales accumulation is still being observed, indicating long-term confidence."

Unocoin CEO Sathvik Vishwanath clarified, "Today's big 5.7% drop is pricing in growing jitters. Tech signals indicate that Bitcoin is on the verge of hitting oversold levels. If the price does not hold above $74K, it could see a further fall nearer to $70K."

Extended Role

The U.S.'s 104% tariff on Chinese imports is being regarded as the main reason. The S&P 500 dropped 1.57%, having a domino effect on financial markets globally. Cryptocurrency exchanges such as CoinSwitch and BuyUcoin report that investors are split in their sentiment, with some believing this is an opportunity to buy and others believing there will be more falls.

BuyUcoin CEO Shivam Thakral stated, "This latest Bitcoin dip shows how sensitive the market is towards big economic movements. While there are investors out there who are purchasing the dip, the future is uncertain."

Outlook for Bitcoin

There are analysts who believe the recent drop won't be lasting. Pi42 CEO Avinash Shekhar stated, "Bitcoin's RSI is making a bottom for a bull market. That means there should be a bottom around $70K. Some short-term losses will result in a turnaround in the middle term." The CoinDCX Research Team is still bearish: "The market is in a state of fear. Unless Bitcoin maintains its support levels, a correction to deeper levels is possible. The sentiment for this Bitcoin dip remains bearish for now."