Oh joy, another day, another chance for Bitcoin (BTC) to give me whiplash 🤯. At the Wall Street open on April 1 (no joke), it was déjà vu all over again with volatility making a comeback, thanks to those delightful US trade tariff talks 🙄.
Bitcoin: Because Erratic is My Love Language
According to the folks at CryptoMoon Markets Pro and TradingView, BTC/USD was bouncing around like a rubber ball within its weekly trading range of about $83,000. Yeah, real stable 🙃.
Meanwhile, in other thrilling news, US stocks were like, “Oh no, we’re down!” 📉, and gold was all, “Hey, I just hit an all-time high of $3,149 per ounce, no big deal” 🤑.
And because we all needed more to worry about, recession talk is back on the menu 🍴, just in time for US President Donald Trump’s “Liberation Day” on April 2, where he’ll unveil new tariffs because, why not? 🤷♂️
The Kobeissi Letter summed it up nicely (or depressingly, depending on your outlook): “Equity markets are clearly pricing-in a recession… The S&P 500 is down -2% since Fed rate cuts began in September 2024.” 📊
But wait, there’s more! The Federal Reserve might cut interest rates again in June, which would be super bullish for crypto… or not, because, as Kobeissi noted, history isn’t exactly on our side 📚.
“The AVERAGE post-pivot return is +1% in 6 months.” Yeah, try getting excited about that 🎉.
QCP Capital chimed in with their two cents, essentially saying the timing for tariffs couldn’t be worse 🙅♂️, but hey, maybe it’ll all work out in the end 🤞.
“There is a real risk that a broad and aggressive regime could deepen recession fears and send risk assets spiraling.” Just what I wanted to hear 😊.
BTC Price Action: Because Who Doesn’t Love a Good Rollercoaster? 🎠
So, what’s next for BTC? Well, market observers are waiting with bated breath for some actual momentum 🤔. Fundamental support at $80,000 is still a thing, though 🙏.
More Crypto Online analyzed an Elliott Wave schematic and basically said, “Yeah, it’s moving up, but don’t get too excited yet 😐.” The rally’s got more to prove, apparently 🤷♂️.
Trader Jelle pointed out that BTC/USD is respecting the 50-week simple moving average (SMA) at $76,600 as support 📈. Fingers crossed for a rebound to $84,500, I guess 🤞.
On a slightly more positive note, QCP Capital mentioned that investors are eyeing higher levels for next quarter 📅. Silver linings, right? 🌫️
“Buyers were seen taking topside exposure ($85k-$90k strikes) and selling downside risk ($75k strikes)…” Yeah, because that always works out 🤑.
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2025-04-01 18:55