BTC fell to $80000 late Sunday, trading below the 200-day simple moving average, and ether took out a macro bullish trendline with a dip below the long-held support of $2100

The crypto market continues to lose ground, driven by disappointment over the absence of a plan for the U.S. government to buy bitcoin

The cryptocurrency market is continuing to bleed, with BTC falling below the 200-day SMA and ETH taking out a macro bullish trendline.

The setback comes amid disappointment over the absence of a plan for the U.S. government to buy bitcoin under the newly announced strategic reserve plan and persistent macroeconomic concerns.

Many investors are pulling out of bitcoin, viewing it as a risky asset class for the first time since Trump took the White House, according to Mintology CEO Zach Burks.

"It’s no longer playing its role as a store of value. Gold prices have spiked as many go back to the original ‘doomsday asset,’ which is no surprise as tariffs and grenades continues to get thrown across the free world."

The tariffs are making it harder for the Fed to move forward with rate cuts despite the continued decline trend in real-time inflation indicators. On Friday, Fed chairman Jerome Powell said the central bank is waiting for greater clarity on Trump's policies before making the next move.

Meanwhile, Japan's fastest base pay rise in 32 years strengthened the case for a BOJ rate hike, pushing the nation's bond yields and the yen higher. Bouts of strength in the haven currency typically breed downside volatility in risk assets.

However, some analysts noted that the low trading volumes over the weekend could diminish the bearish signal.

"Trading volumes over the weekend were extremely low, reducing the value of the bearish signal," Alex Kuptsikevich, the FxPro chief market analyst, told CoinDesk.

"We note that sellers push the price down in periods of low liquidity, but the price bounces back with the arrival of institutional buyers. It looks like the big buyers have enough liquidity left to buy out the drawdown. Stay alert!"

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