BitcoinBTC() sought to rally the US stock market after a loss of 4%+ on April 7, as US shares recovered from their losses.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin shares in the relief rally with US stocks
Data Source Cointelegraph Markets Pro You can also find out more about the following: TradingView After the pair reached its lowest level in five months, the BTC/USD chart focused on the $80,000 area.
Asia’s stocks closed the day down by a significant amount. The impact of US tariffs on trade continued to ripple across markets around the world.
At the Same Time reports of a potential 90-day pause in the tariffs going live, against a background of negotiations with over 50 US trading partners, helped pare losses in futures markets ahead of the open and allowed the S&P 500 and Nasdaq Composite Index to avert a “Black Monday” 1987-style implosion.
“Nasdaq futures were down nearly -7% at their lowest point last night,” Trading resource The Kobeissi Letter noted Part of the ongoing coverage at X.
Kobeissi nonetheless acknowledged that the S&P 500 had fallen more than 20% from its February all-time highs, opening in “bear market territory” For the first time, since 2022.
S&P 500 1-day chart. Source: Cointelegraph/TradingView
Trading firm QCP Capital referred to international engagement as a tariff dispute “remarkable.”
“Yet as the world scrambles to secure a seat at the table, markets are likely to remain on edge,” It concluded its most recent bulletin sent to Telegram subscribers.
“The president, showing no signs of backing down, remarked that he doesn’t want stocks to fall, ‘but sometimes you have to take medicine.’ With confidence and the credibility of the U.S. economy hanging in the balance, the coming days could prove too bitter a pill for global markets, and for Trump himself, if meaningful progress isn’t made before Wednesday.”
Fed Target Rate Comparison for May FOMC Meeting Source: CME Group
CME Group Data FedWatch Tool The market has continued to shift expectations about the Federal Reserve’s interest rate reductions. Now, the June meeting is seen as the deadline.
BTC’s price protection net now extends up to $69,000
Bitcoin meanwhile tried to establish support around the $75,000 range after having been within striking distance of it. old all-time highs After March 2024
Related: Black Monday 2.0? 5 things to know in Bitcoin this week
Glassnode’s latest analysis, which focuses on the BTC chain as a whole, revealed that the price realized for the BTC supply was at its lowest point.
“For now, $BTC seems to have found support at $74K. This aligns with the first major supply cluster below $80K – over 50K $BTC at $74.2K,” You can also find out more about us here. reported On X.
“This level is mostly held by investors who had been active for five months, steadily raising their cost basis until 10 March, after which they’ve remained dormant.”
Bitcoin Supply Cost Basis Data Source: Glassnode/X
Glassnode added There are 175,000 BTC between $70,000 and the lowest price. “cost basis clusters.”
“The single largest level within this range is $71.6k, holding ~41k $BTC. The next more substantial support sits at $69.9k, where ~68k $BTC are held,” This is confirmed.
Cointelegraph has reported that $69,000, and an area near it, is seen as reliable BTC support zones for the long term. statistically unlikely to break down.
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Source: cointelegraph.com
