Bitcoin Rebounds 9% to $80,680 Amid Trade Tensions

Bitcoin (BTC) experienced a significant price recovery, rebounding to $80,680 after a dip to $74,000. This volatility was largely influenced by recent tariff announcements and the escalating trade tensions between the U.S. and China. Initially, Bitcoin's price slumped to $74,000 following President Trump's strong intent to implement reciprocal tariffs. However, a rebound followed after the administration announced a 90-day extension for most trading partners, excluding China, where tariffs were raised to 145%. China retaliated with 84% tariffs on the U.S., raising concerns about a full-blown trade war and dampening risk appetite across global markets.

Despite the market turbulence, data suggests that large Bitcoin holders, often referred to as whales and sharks, are becoming more bullish. The number of addresses holding more than 10 BTC increased by 132 in the past 24 hours, and a massive movement of approximately 48,575 BTC into accumulation addresses was observed. This represents the largest whale movement since 2022, potentially signaling growing market confidence. The quick recovery back above $80,000 appears to have revived investor sentiment after consecutive drops below this level.

On April 11, approximately 28,000 Bitcoin options contracts expired, representing a total value of about $2.26 billion. The put/call ratio stood at 0.88, indicating a relatively balanced mix of bearish and bullish positions. The “max pain” point for these options was $81,500 – the price where the most contracts would expire worthless. High open interest was observed at both the $70,000 and $100,000 strike prices, reflecting divided market sentiment. Alongside Bitcoin, about 184,000 Ethereum options contracts also expired on the same day, with a notional value of roughly $280 million.

The weekly price action suggests Bitcoin is approaching a decisive phase that could trigger a potential pullback. Technical indicators present a mixed picture, with the Ichimoku cloud approaching a bearish crossover. Meanwhile, the RSI (Relative Strength Index) is attempting to validate a bullish divergence after dropping below average. A bullish close above $81,500 appears crucial to counter bearish possibilities. Key resistance stands at $82,500, with traders eyeing $85,000 as a short-term target. The $100,000 level continues to act as long-term resistance.

The overall cryptocurrency market remains under pressure, with total market capitalization dropping in recent days. Ethereum fell, maintaining elevated implied volatility compared to Bitcoin. Most altcoins registered small gains, with some showing positive movement. Concerns have been raised about transparency in the markets after unusual trading behavior was noted just before the tariff announcement. Bitcoin’s recent movements have largely mirrored U.S. stocks, particularly the Nasdaq, raising questions about its status as a safe haven asset. Traditional safe havens like gold and the Japanese yen were the top-performing assets this week. Major corporate Bitcoin holder disclosed a significant unrealized loss on its digital asset holdings, adding to market concerns. Several large Bitcoin holders were also observed moving substantial amounts to exchanges, potentially signaling selling intentions. The current Bitcoin price of $80,680 represents a 26% decline from its all-time high set earlier this year.