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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.