On April 10th, Bitcoin (BTC) price turned downward, failing to maintain its weekly opening gains. On the same day, the March U.S. Consumer Price Index (CPI) figures were below market expectations, but the U.S. stock market started declining without reacting to this data.
According to the U.S. Bureau of Labor Statistics (BLS), the overall CPI increased by 2.4% compared to the same month last year, slowing down from the previous month's 2.8%. The core CPI, excluding food and energy, rose by 2.8%, recording the lowest increase in four years. This is very close to the Federal Reserve's inflation target of 2%, with the inflation rate dropping by 60 basis points over the past three months.
However, there was no strong buying pressure across risk assets. The S&P500 and Nasdaq indices fell by 3% and 3.7% respectively, and some market analysts interpreted this as a possibility of President Trump intensifying trade wars. The financial information provider The Kobeissi Letter analyzed that "Trump could use the strong employment indicators and moderate price data to justify additional tariffs".
In the Bitcoin market, President Trump's decision to suspend tariff policies for 90 days led to a short-term rebound. Popular trader Daan Crypto Trades said, "Bitcoin showed a strong rebound after the tariff suspension announcement" and "currently, the range between $81,100 and $85,000 is the key short-term resistance and support level". He particularly noted that the 200-day moving average on the 4-hour chart could be a turning point for price increases.
Market liquidity and buy wall analysis also mentioned the possibility of a strong trend reversal. Keith Alan, co-founder of trading analysis firm Material Indicators, tweeted that "although the attempt to break through the 21-day moving average failed once, buying liquidity is increasing, suggesting a potential retry". He further predicted that "if the significant resistance zone where the 50-day moving average and medium to long-term trend line overlap is broken, the market direction will become clear".
Meanwhile, he also paid attention to the movements of the whale investor 'Spoofy the Whale', who has been adjusting the market using long-term high-liquidity orders. Alan assessed that "if Spoofy intentionally tries to induce an upward trend, Bitcoin could potentially return to six-digit prices, rising to the early 2025 price of $93,300".
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