Source: Cointelegraph Original: "{title}"

Due to the U.S. stock market ignoring positive inflation data, Bitcoin's price failed to maintain its weekly opening gains on April 10.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price fluctuated significantly around the release of the U.S. March CPI data.

Despite widespread market impacts from U.S. trade tariffs, the CPI data was generally below expectations, indicating that inflation pressures are easing.

The official statement from the U.S. Bureau of Labor Statistics (BLS) noted: "Over the 12 months ending in March, the overall price index increased by 2.4%, down from the previous value of 2.8% as of February. The core price index, excluding food and energy, rose by 2.8% year-on-year, marking the smallest increase since March 2021."

U.S. Consumer Price Index (CPI) 12-month percentage change. Source: BLS

Although inflation data theoretically favors risk assets, the U.S. stock market did not see a rebound at the opening. As of the time of writing, the S&P 500 and Nasdaq Composite indices were down 3% and 3.7%, respectively.

"The market believes that the recent strong employment report and moderate inflation data have given the green light for Trump to continue the trade war," analyzed the trading information platform The Kobeissi Letter in a response on X. However, the organization also acknowledged that the rapid decline in inflation data not yet affected by tariffs is significant.

In a follow-up tweet, it added: "This is the lowest core CPI inflation rate in four years, and the overall CPI inflation is only 40 basis points away from the Federal Reserve's 2% target. Inflation has dropped by 60 basis points in just the past three months."

Bitcoin's rebound may rely on "whale Spoofy"

Turning to Bitcoin's trend, market participants generally adopted a wait-and-see attitude after the U.S. announced a 90-day suspension of most tariff measures.

Well-known trader Daan Crypto Trades believes that bulls need to reclaim the key level of $83,000. "There was strong volatility following the announcement of the tariff suspension," he stated to his followers on X, "Bitcoin has shown stronger resilience, while the stock market reacted more positively (which is reasonable, as it is more directly affected by tariffs)."

The attached image shows the key trend line near the spot price. "Bitcoin has returned to the vicinity of the 200-day moving average (purple) on the 4-hour chart, which has been suppressing prices for the past two weeks. The $83-85K range is a critical area that bulls must conquer," he continued to analyze, "the lower $81.1K level is an active key support level worth focusing on in the short term. If this area is broken, it could trigger severe deviations/stop-loss hunting."

BTC/USDT perpetual contract 4-hour chart. Source: Daan Crypto Trades/X

Trading analysis firm Material Indicators co-founder Keith Alan focused on the 21-day and 50-day simple moving averages (SMA) on the daily chart by analyzing order book liquidity.

"Although the first attempt to break through the 21-day moving average resistance failed, Bitcoin's buy order liquidity is rising, and I believe we will see another attempt," he summarized earlier that day, "if bulls can achieve a resistance/support flip at the 21-day moving average, the liquidity accumulated near the trend line and the 50-day moving average will constitute stronger resistance."

BTC/USD daily chart, 21, 50 moving averages. Source: Cointelegraph/TradingView

Alan emphasized again that large traders influence the trend by adjusting the liquidity of Bitcoin's spot price up and down. A specific entity he referred to as "whale Spoofy" is particularly noteworthy.

"If 'Spoofy' can initiate a rally, we can expect to test the 100-day moving average and challenge the opening price of $93,300 from 2025—this is a key threshold for Bitcoin to return to six figures," he concluded.

BTC/USDT order book liquidity data. Source: Keith Alan/X

Related: Investors prepare for inflation triggered by tariffs, with $772 million flowing out of spot Bitcoin ETFs

This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.

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