Source: Cointelegraph Original: "{title}"
Bitcoin unexpectedly rebounded to $81,180 due to a piece of fake news about the U.S. pausing tariffs, but this increase nearly evaporated after the White House confirmed a 104% tariff on China starting April 9.
After the White House confirmed the tariffs, the S&P 500 index's intraday gains receded. Source: X / Kobeissi Letter
After Bitcoin first fell below the $75,000 mark, it retested a key demand zone, with traders hoping this area could provide a safe haven for bulls.
This safe haven is the fair value gap located between $77,000 and $73,400, which formed during the Trump rally in November 2024.
BTC/USD daily chart. Source: Cointelegraph/TradingView
Michael van de Poppe, founder of MN Capital, stated that Bitcoin needs to retest this area "before it can rebound."
In another X tweet on April 8, van de Poppe said, "Breaking above $80,000 for Bitcoin is a strong signal," adding, "I don't know if we will drop again or if we have already experienced all the declines."
BTC/USD daily chart. Source: Michael van de Poppe
Analyst Jelle also expressed a similar view, stating that Bitcoin's ability to close above $79,000 after dropping to $74,400 on April 7 was quite impressive compared to the stock market's performance. "Waiting for the dust to settle—once that happens, prices are expected to rebound."
Activity from long-term Bitcoin holders brings ominous signs for Bitcoin's price
Data from on-chain analysis platform CryptoQuant now shows that long-term holders (LTHs)—individuals and entities holding Bitcoin for over 155 days—may be preparing to sell their coins, especially after the recent decline.
The Coin Days Destroyed (CDD) metric measures the amount of Bitcoin transferred to exchanges and weights these coins by their holding time, indicating potential selling pressure from long-term holders.
On April 7, this metric saw a significant spike, suggesting that these "old coins" began to become active, which historically has been a bearish signal.
A chart published by CryptoQuant contributor IT Tech in their "Quicktake" blog shows that when this metric spiked on April 2, Bitcoin's price dropped from $88,000 to $81,000.
A similar spike occurred on March 27, followed by a 7% price drop within two days.
After observing a similar spike on April 7, the analyst couldn't help but wonder if Bitcoin's long-term holders were "preparing to sell again?"
Bitcoin: Exchange inflow CDD. Source: CryptoQuant
If history repeats itself, Bitcoin's sell-off could last for several days, with the first line of defense being around $74,000, near the historical peak in March 2024.
Related: Since its launch, Ethereum's performance has only outpaced Bitcoin by 15%
This article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.
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