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Bitcoin (BTC<\/a>) sought a relief rally into the April 7 Wall Street open as US stocks rebounded from a 4%+ loss.<\/p>\n BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed the area around $80,000 forming a focus for BTC\/USD after the pair hit five-month lows.<\/p>\n The fallout from US trade tariffs continued to ricochet across global markets, with Asia stocks closing the day with considerable losses.<\/p>\n At the same time, reports of a potential 90-day pause<\/a> in the tariffs going live, against a background of negotiations with over 50 US trading partners, helped pare losses in futures markets ahead of the open and allowed the S&P 500 and Nasdaq Composite Index to avert a \u201dBlack Monday\u201d 1987-style implosion<\/a>.<\/p>\n \u201cNasdaq futures were down nearly -7% at their lowest point last night,\u201d trading resource The Kobeissi Letter noted<\/a> in part of ongoing coverage on X.<\/p>\n Kobeissi nonetheless acknowledged<\/a> that the S&P 500 had fallen more than 20% from its February all-time highs, opening in \u201cbear market territory\u201d for the first time since 2022.<\/p>\n S&P 500 1-day chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Continuing, trading firm QCP Capital called international engagement over tariffs \u201cremarkable.\u201d<\/p>\n \u201cYet as the world scrambles to secure a seat at the table, markets are likely to remain on edge,\u201d it concluded in its latest bulletin to Telegram channel subscribers.\u00a0<\/p>\n \u201cThe president, showing no signs of backing down, remarked that he doesn’t want stocks to fall, \u2018but sometimes you have to take medicine.\u2019 With confidence and the credibility of the U.S. economy hanging in the balance, the coming days could prove too bitter a pill for global markets, and for Trump himself, if meaningful progress isn’t made before Wednesday.\u201d<\/p><\/blockquote>\n Fed target rate probability comparison for May FOMC meeting. Source: CME Group<\/em><\/p>\n<\/figcaption><\/figure>\n Data from CME Group\u2019s FedWatch Tool<\/a> continued to show shifting market expectations on interest rate cuts by the Federal Reserve, with the upcoming meeting in June now favored as a deadline.<\/p>\n Bitcoin meanwhile attempted to solidify support in the mid-$70,000 range, having come within spitting distance of old all-time highs<\/a> from March 2024.<\/p>\n Related: <\/strong><\/em>Black Monday 2.0? 5 things to know in Bitcoin this week<\/strong><\/em><\/a><\/p>\n In its latest observations, onchain analytics firm Glassnode revealed the lows coinciding with the realized price of large tranches of the BTC supply.<\/p>\n \u201cFor now, $BTC seems to have found support at $74K. This aligns with the first major supply cluster below $80K – over 50K $BTC at $74.2K,\u201d it reported<\/a> on X.\u00a0<\/p>\n \u201cThis level is mostly held by investors who had been active for five months, steadily raising their cost basis until 10 March, after which they\u2019ve remained dormant.\u201d<\/p><\/blockquote>\n Bitcoin supply cost basis data. Source: Glassnode\/X<\/em><\/p>\n<\/figcaption><\/figure>\nBitcoin joins US stocks in relief rally<\/h2>\n
BTC price safety net extends to $69,000<\/h2>\n