Bitcoin’s Latest Drama: Will It Survive the Tariff Tango?
After what can only be described as a brief and utterly tragic afternoon delight at $80,200 on Tuesday, Bitcoin has plummeted like a lead balloon to a more pedestrian $76,900. This is particularly entertaining considering it was only a few hours after Trump’s Liberation Day announcement that our beloved cryptocurrency decided to take a nosedive—down over 9% since the high. Earlier today, it even dared to flirt with a disheartening low of $74,250, effectively erasing nearly 3% of its market cap as if it had just lost a bet on a two-legged race.
In a plot twist worthy of daytime television, on April 7, China decided to offload a staggering $50 billion in US Treasuries. Apparently, they’ve had enough of Uncle Sam’s tariffs and figured, why not throw a tantrum? The following day, Washington, not to be outdone, slapped a 104% tariff hike on Chinese imports. This has left markets feeling as lost as a tourist in a foreign city without Google Maps.
According to a somewhat pessimistic update from Santiment (a name that sounds like it should be selling scented candles), traditional indicators are as helpful as a chocolate teapot until we get some clarity on tariffs, or until retail investors start selling off their assets in a frenzy. Spoiler alert: neither of these things is happening yet.
🇺🇸🇨🇳 In a rare moment of joy, Bitcoin touched $80.2K today, and the S&P 500 had a nearly 4% uptick. Yet, just like that, it was back to being a moody teenager. Developments of note:📌 Bitcoin is back down to…
— Santiment (@santimentfeed) April 8, 2025
Rumors of Institutional Selling
Meanwhile, wild rumors are swirling that Strategy, the largest corporate Bitcoin holder, might be preparing to liquidate its BTC stash. How thrilling! Nothing says “sound financial decision” like liquidating assets because your debt collectors are knocking like eager Boy Scouts.
⚠️ STRATEGY MAY BE FORCED TO SELL BITCOIN, BREAKING ‘HODL’ PLEDGE. The latest whispers from the SEC suggest that if Bitcoin keeps trending downwards, Strategy might have to sell to cover its debts. What would Michael Saylor think? Yikes! 😬
— Cult of Blockchain (@BlockchainCult) April 9, 2025
In an 8-K form filed on April 7—because who doesn’t love a little bureaucratic drama—Strategy warns it might have to divest if BTC keeps sliding. Meanwhile, BlackRock’s iShares Bitcoin Trust decided to offload 3,296 BTC on April 8, marking a spectacularly dull moment in cryptocurrency history—the third-largest single-day outflow ever. Grab the popcorn!
BTC Price Outlook
On the four-hour price chart of BTC, the RSI is hanging around 40, suggesting it’s almost oversold—like that last piece of pizza that no one wants, yet here we are! If it drops any further, we might just witness a bullish reversal, or we could keep spiraling down, debating if the middle band at $78,900 can save us from certain doom.
Also, the Bollinger Bands indicate that Bitcoin is touching the lower band, a classic sign that we might be headed for a rebound, provided we can stay upright long enough to close above that lower boundary. But if we can’t get back to the middle band? Well, let’s just say things could get ugly. Think family reunion ugly.
Interestingly, some crypto soothsayers (read: Twitter analysts) claim that Bitcoin has entered the bottom zone, a term that sounds catchy but is basically code for “hang on to your hats, folks!” They believe the market has reset its leverage and is preparing for an accumulation phase. Or maybe that’s just the wishful thinking of a group tired of their portfolios looking like they were pulled from the clearance rack.
Bitcoin has officially reached the bottom zone… The next big move is only a matter of time! $BTC #Bitcoin #Altcoins
— @CryptoELlTES (@CryptooELITES) April 8, 2025
Santiment, ever the cautious voice in the room, suggests that once the geopolitical mess clears up, we might see a rapid recovery. But until then, expect wild market swings that would make a rodeo cowboy proud!
📊 Based on mid-term timeframes, average trading returns are now unsurprisingly highlighting ‘Opportunity Zones’ for most altcoins. Because when in doubt, just throw in an unnecessary buzzword! 🎉
— Santiment (@santimentfeed) April 8, 2025
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2025-04-09 14:37