Bitcoin (BTC) sought a manifestation of help at the Wall Street Open of April 7 when US actions recovered from a loss of more than 4%.
BTC/USD Table 1 hour. Source: cointelegraph/tradingView
Bitcoin binds to US actions in Rely Rally
The data of Cointegraph Markets Pro and TrainingView showed the area around $ 80,000 forming an approach for BTC/USD after the couple reached the minimum of five months.
The consequences of US commercial tariffs continued to bounce in global markets, with Asia’s actions closing the day with considerable losses.
At the same time, the reports of a possible 90 -day pause in the rates that will be lived, in a context of negotiations with more than 50 US commercial partners, helped stop losses in the futures markets before light and allowed the compound index S&P 500 and Nasdaq to avoid an involvement of “Black Monday” of 1987.
“Nasdaq’s futures fell almost -7% at their lowest point last night,” the Kobeissi Charter’s letter said in part of the current coverage in X.
However, Kobeissi acknowledged that the S&P 500 had fallen more than 20% of its maximums of all time in February, opening in “Bear Market territory” for the first time since 2022.
S&P 500 of 1 day graphic. Source: cointelegraph/tradingView
The continuous firm of the QCP Capital Commercial company called international participation on “notable” tariffs.
“However, as the world fights to ensure a seat on the table, it is likely that the markets remain to the limit,” concluded in his last bulletin to telegram channel subscribers.
“The president, who does not show signs of setback, commented that he does not want the actions to fall,” but sometimes you have to take medications. “With the confidence and credibility of the United States economy in balance, the next few days could be a pill too bitter for global markets, and for Trump himself, if significant progress is not done before Wednesday.”
Comparison of target rate probability for the FOMC meeting. Source: CME Group
CME Group Fedwatch tool data continued to show the changing expectations of the market about interest rate cuts by the Federal Reserve, with the next meeting in June now favored as a deadline.
BTC Price Safety Net extends to $ 69,000
Meanwhile, Bitcoin tried to solidify the support in the range of mid -70,000, since it occurred at a distance of the old maximums of all time since March 2024.
Related: Black Monday 2.0? 5 things you should know in Bitcoin this week
In its last observations, the Ochain Glassnode analysis analysis firm revealed the minimums that coincide with the price of the great sections of the BTC supply.
“For now, $ BTC seems to have found $ 74K support. This is aligned with the first important offer group below $ 80k, more than 50K $ BTC to $ 74.2K,” he reported on X.
“This level is in the hands of investors who had been active for five months, constantly increasing their cost base until March 10, after which they have remained inactive.”
Bitcoin supply cost base data. Source: Glassnode/x
Glassnode added that between the minimums and the $ 70,000 was another 175,000 BTC of “cost base groups”.
“The largest level within this range is $ 71.6k, it has ~ 41k $ BTC. The following most substantial support is at $ 69.9k, where ~ 68k $ Bt are maintained,” he confirmed.
As Cointegraph, $ 69,000 reported and the nearby area is considered a reliable long -term BTC price support zone that is statistically unlikely to decompose.
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