Bitcoins price dropped suddenly in the past few hours, tanking from slightly less than $83,000 to below $79,000.

In doing so, the market saw a spike in liquidation levels, as leveraged positions worth almost $600 million were wiped off, according to data from CoinGlass.

Source: TradingView The move comes following a few calm days during which BTC was outperforming major indices, prompting many to outline its properties as digital store of value.

Commenting on the matter was Jonatan Randing, a popular analyst, who outlined that BTC appears to be on its way of hitting the Weekly 50 EMA, which has historically acted as a good level of support during bull markets, promptly asking the question if we are in a bull market at all.

Bitcoin about to hit the Weekly 50 EMA Historically a good level of support in bull markets.

But are we in a bull market? pic.twitter.com/otbb0xUzpw

Meanwhile, the markets are under serious tension in anticipation of reciprocal tariffs on behalf of the European Union, following Trumps decision to impose a 20% levies on EU imports.

It appears traders are bracing for a bloody market open on Monday following what was the worst trading week for major indices such as the SP 500, NASDAQ 100, and the DJI since the COVID crash in 2020.