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In a chilling signal for crypto investors, Bitcoin ($BTC), the first and largest cryptocurrency by market cap, has completed its first major death cross of 2025, coinciding with bearish sentiment amid an ongoing market-wide sell-off that has triggered over $1.4 billion in liquidations.
The death cross, a technical pattern in which the 50-day moving average falls below the 200-day moving average, is commonly seen as an indicator of protracted downward momentum. For Bitcoin, the daily SMA 50 has crossed below the daily SMA 200, indicating a death cross.
The appearance of a death cross now marks a stark shift from the bullish tone that began the year, with Bitcoin reaching its current all-time high of $109,114 on Jan. 20.
The death cross arrived during one of the biggest market sell-offs in 2025 so far. In the past 24 hours alone, $1.4 billion worth of positions have been liquidated across crypto exchanges, wiping out mostly long positions, which accounted for $1.22 billion.
Crypto market sell-off turns brutal
A crypto market sell-off turned severe in the European morning hours Monday, with Bitcoin dipping to lows of $74,420, increasing losses on major tokens by nearly 20%.
Bitcoin has declined since April 5 and will mark the third day of losses if today ends in red. At press time, Bitcoin was down 6.84% in the last 24 hours to $77,172.
The term "Black Monday" is trending on X, referring to Monday, Oct. 19, 1987, when the Dow Jones Industrial Average lost roughly one-quarter of its value in a single session. The market sell-off is attributed to macroeconomic uncertainties and aggressive liquidations, which have prompted investors to seek "safe-haven" assets.
According to Glassnode, total $BTC futures liquidations reached $58.8 million over the past 24 hours. Longs took the heavier hit, with $42.1 million wiped out vs. $16.6 million in shorts.
$BTC futures open interest stands at $34.5 billion. While there was a small recovery from the $33.8 billion low on April 3, the broader downtrend remains intact. Futures exposure continues to unwind as traders reduce risk in response to declining price momentum.