Munzir HakimiTable of Contents
Market Update
Bitcoin’s recent surge to $81,180 was short-lived, primarily driven by misleading news about a pause on U.S. tariffs. The White House has confirmed that 104% tariffs on China will take effect on April 9, leading to a important drop in bitcoin’s value below the $75,000 mark for the first time since November 2024. Traders are now looking at a critical demand zone between $77,000 and $73,400, hoping it will act as support.
Key Price Movements
- Bitcoin retested its demand zone after falling below $75K.
- Analysts like michael van de Poppe suggest this area is crucial for potential upward movement.
- A close above $79,000 indicates resilience compared to stock market performance.
Long-Term Holder Activity
Recent data from CryptoQuant reveals that long-term holders of Bitcoin may be preparing to sell their assets following the price drop.The Exchange Inflow Coin Days Destroyed (CDD) metric shows an increase in coins moving to exchanges—historically a bearish signal.
- A spike in this metric was noted on April 7.
- Previous spikes have led to significant price drops.
If history repeats itself, further declines could occur as long-term holders react.
Final Thoughts
The current market dynamics indicate uncertainty for Bitcoin as traders watch key levels and long-term holder behavior closely. With external factors like tariffs influencing prices and historical patterns suggesting potential sell-offs ahead, caution is advised for investors navigating these turbulent waters.
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