Bitcoin’s Wild Ride: $80K or Bust! 🎢💰

by

Bitcoin (BTC), that digital enigma wrapped in a cryptographic riddle, decided to take a breather and rally into the April 7 Wall Street open. Meanwhile, US stocks, having narrowly avoided a meltdown that would’ve made 1987’s “Black Monday” look like a tea party, were also feeling chipper. 🎉

Bitcoin and Stocks: A Tale of Two Rallies

According to CryptoMoon Markets Pro and TradingView, BTC/USD was flirting with the $80,000 mark after hitting five-month lows. Because, you know, why not? 🤷‍♂️

The fallout from US trade tariffs was ricocheting across global markets like a pinball on steroids, with Asian stocks taking a beating. But wait! Reports of a potential 90-day pause in the tariffs, coupled with negotiations with over 50 US trading partners, helped futures markets pare losses. The S&P 500 and Nasdaq Composite Index managed to dodge a 1987-style implosion. Phew! 😅

“Nasdaq futures were down nearly -7% at their lowest point last night,” noted The Kobeissi Letter on X, because apparently, the internet is where all the cool kids hang out these days. 📉

Kobeissi also pointed out that the S&P 500 had fallen more than 20% from its February all-time highs, officially entering “bear market territory” for the first time since 2022. Bears, bulls, and a whole lot of confusion. 🐻🐂

Meanwhile, trading firm QCP Capital called international engagement over tariffs “remarkable.” Because, of course, when the world’s economies are on the brink, what else would you call it? 🌍

“Yet as the world scrambles to secure a seat at the table, markets are likely to remain on edge,” QCP Capital concluded in its latest bulletin to Telegram channel subscribers. Because nothing says “calm” like a global scramble. 🏃‍♂️

“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.”

Data from CME Group’s FedWatch Tool showed shifting market expectations on interest rate cuts by the Federal Reserve, with the upcoming meeting in June now favored as a deadline. Because, you know, deadlines make everything better. ⏳

Bitcoin’s Safety Net: $69,000 or Bust

Bitcoin, meanwhile, was trying to solidify support in the mid-$70,000 range, having come within spitting distance of old all-time highs from March 2024. Because nothing says “stability” like a cryptocurrency. 🤪

Onchain analytics firm Glassnode revealed that the lows coincided with the realized price of large tranches of the BTC supply. Because, of course, they did. 📊

“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,” Glassnode 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.”

Glassnode added that between the lows and $70,000 was another 175,000 BTC of “cost basis clusters.” Because, you know, clusters are all the rage these days. 🍇

“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,” Glassnode confirmed. Because, of course, they did. 📈

As CryptoMoon reported, $69,000 and the area nearby is seen as a reliable long-term BTC price support zone which is statistically unlikely to break down. Because, you know, statistics are always right. 📉📈

Read More

2025-04-07 17:43