Bitcoin (Btc) seek a rally rally on April 7 Wall Street open as US stocks rebound from a 4%+ loss.
BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView
Bitcoin joins US Stocks at Relief Rally
Data from Cointelegraph Markets Pro and Tradingview The area was shown around $ 80,000 forming a focus for BTC/USD after a pair of five months of lows hit.
Falling from US trade tariffs continued to Ricochet throughout the global market, with Asian stocks closing the sun with huge losses.
At the same time, Reports of a potential 90-day pause In the tariffs to live, against a background of negotiations with more than 50 US trading partners, contributed to losses in the futures market leading to tomorrow and allowed S&P 500 and Nasdaq Composite Index to prevent A A “Black Monday” 1987-style implosion.
“Nasdaq’s futures dropped nearly -7% to their lowest point last night,” the trading resource The Kobeissi Letter mentioned In the part of the continuous coverage in X.
Kobeissi however identified That the S&P 500 has dropped more than 20% from all-time February, opening the “Bear Market Territory” for the first time since 2022.
S&P 500 1-day chart. Source: Cointelegraph/TradingView
Continuing, the trading firm QCP Capital called international engagement in the tariffs that are “noticeable.”
“But as the world scrambles to secure a chair on the table, markets are likely to stay on the side,” it concludes to the latest subscribers on the Telegram channel.
“The president, who does not show signs of backing down, said he does not want the stocks to fall, ‘but sometimes you have to take medicine.’ With confidence and the US economy credentials, the coming days may prove to be too bitter of a pill for the global market, and for Trump itself, if significant development is not made before Wednesday.
Fed target rate probability comparison for the May FOMC meeting. Source: CME Group
Data from CME Group’s Fedwatch tool Continue to show the transfer of market expectations to cuts on the Federal Reserve interest rate, along with the upcoming June meeting today is favored as a deadline.
BTC safety price net reaches $ 69,000
Bitcoin, meanwhile Old all-time highs From March 2024.
Related: Black Monday 2.0? 5 things to know in bitcoin this week
In its latest observations, the onchain analytics firm Glassnode revealed lows in conjunction with the realized price of large BTC supply branches.
“So far, $ BTC seems to have found support for $ 74K. It is aligned with the first major supply cluster below $ 80k – over 50k $ BTC at $ 74.2K,” this reported In X.
“This level is usually held by investors who are active for five months, continuing to raise their basis until March 10, after which they remain worthless.”
The basis data of the Bitcoin supply basis. Source: Glassnode/x
Glass node added That between lows and $ 70,000 is another 175,000 BTC of “cost clusters.”
“The single largest level within this range is $ 71.6K, holding ~ 41k $ BTC. The next larger support is sitting at $ 69.9k, where ~ 68k $ BTC is held,” it confirmed.
As reported by Cointelegraph, $ 69,000 and the area closely is seen as a reliable long -term BTC price support zone that Unlikely to break the statistics.
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