Source: Cointelegraph Original: "{title}"
Bitcoin (BTC) attempted to rebound at the Wall Street opening on April 7, as the U.S. stock market recovered from a drop of over 4%.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin joins the rebound of the U.S. stock market
Data from Cointelegraph Markets Pro and TradingView indicates that after Bitcoin (BTC/USD) fell to its lowest point in five months, the area around $80,000 became the focus of attention.
The impact of U.S. trade tariffs continues to resonate in global markets, with Asian stock markets closing with significant losses.
Meanwhile, reports about a possible 90-day suspension of tariffs, amid negotiations with over 50 U.S. trade partners, helped futures markets mitigate losses before the opening, allowing the S&P 500 and Nasdaq Composite indices to avoid a crash similar to the "Black Monday" of 1987.
"Nasdaq futures were down nearly -7% at last night's low," trading resource The Kobeissi Letter noted in ongoing reports on X.
Nevertheless, Kobeissi acknowledged that the S&P 500 index has fallen over 20% from its historical high in February, opening for the first time in a "bear market zone," the first time since 2022.
S&P 500 index 1-day chart. Source: Cointelegraph/TradingView
Continuing, trading firm QCP Capital stated that the international interactions regarding tariffs are "very noteworthy."
"However, as countries around the world scramble for a seat at the negotiating table, the market may remain tense," the company summarized in its latest report on its Telegram channel. "The president has stated he does not want the stock market to fall, 'but sometimes you have to take the medicine.' With confidence and credibility in the U.S. economy hanging by a thread, the coming days could become a bitter pill for global markets to swallow if substantial progress is not made before Wednesday, and Trump himself may face difficulties."
Fed target rate probability comparison for the May FOMC meeting. Source: CME Group
According to data provided by CME Group's FedWatch tool, market expectations for a Federal Reserve rate cut continue to shift, with the June meeting now seen as a key point for potential cuts.
Bitcoin price safety net expands to $69,000
Meanwhile, Bitcoin is attempting to consolidate support in the mid-$70,000 range, close to the historical high of March 2024.
In the latest observations, on-chain analytics firm Glassnode noted that the low point of Bitcoin's price aligns with the realized price of the bulk Bitcoin supply.
"Currently, Bitcoin seems to have found support at $74,000. This aligns with the first major supply cluster below $80,000—over 50,000 Bitcoins around $74,200." it reported on the X platform. "This level is primarily held by investors who have been active in the past five months, continuously raising their cost basis until March 10, after which they remained silent." Glassnode also added that there is another 175,000 Bitcoins in a "cost basis cluster" between the low and $70,000.
"The largest single level within this range is $71,600, holding about 41,000 Bitcoins. The next more significant support level is at $69,900, where approximately 68,000 Bitcoins are held," it confirmed.
As Cointelegraph reported, the $69,000 area and its vicinity are seen as a reliable long-term support zone for Bitcoin prices, a level statistically unlikely to be breached.
Related: Hayes: China's tariff response may mean more funds flowing into cryptocurrency
This article does not contain investment advice or recommendations. Every investment and trading involves risks, and readers should conduct their own research when making decisions.
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