Source: Cointelegraph Original: "{title}"

Bitcoin hovered around $80,000 at the Wall Street open on April 8, as the U.S. stock market experienced a new round of rebounds, but the unresolved tensions between the U.S. and China continued to suppress Bitcoin's upside potential.

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

Hayes: Bitcoin may see a repeat of historical capital inflows from China

Data from Cointelegraph Markets Pro and TradingView indicate that Bitcoin's price volatility has cooled, while the S&P 500 and Nasdaq Composite indices rose by as much as 4.3% in the first few hours of trading.

The stock market continued its strong rebound from earlier in the week, alleviating fears of a 1987 "Black Monday"-style crash.

However, U.S. trade tariffs remain a focal point for traders, especially amid the verbal sparring with China.

In a post on the social platform Truth Social, U.S. President Donald Trump claimed that Beijing "very much wants to make a deal, but they don't know how to start."

He told readers, "We are waiting for their call."

Source: Truth Social

Bitcoin supporters are watching the depreciation of the yuan as part of China's response to tariffs, as well as the potential capital inflows into safe-haven assets like Bitcoin.

"Xi Jinping's main weapon is an independent monetary policy, which requires a weaker yuan," wrote Arthur Hayes, former CEO of cryptocurrency exchange BitMEX, in part of an article on the X platform.

Hayes stated that either the People's Bank of China (PBoC) or the U.S. Federal Reserve will ultimately drive Bitcoin's price upward.

"If it's not the Fed, then the Chinese central bank will provide us with the 'yacht' materials," he said in his unique style. "Yuan depreciation = capital outflow will flow into Bitcoin. It worked in 2013 and 2015, and it will work in 2025. Ignore China at your own risk."

USD/CNY 3-day chart. Source: Cointelegraph/TradingView

Meanwhile, the Federal Reserve's potential interest rate cuts to stimulate economic growth could drive up Bitcoin and risk assets. In a blog post that day, AllianceBernstein predicted that this scenario could still occur even if tariffs exacerbate inflationary pressures.

"If the economy slows, as we expect, the Fed may still lean towards cutting rates despite higher price levels," wrote Eric Winograd, head of developed market economic research at the firm. "The view is that actual inflation tells us what the economy is doing, not what it will do in the future. The Fed has cut rates in the face of rising inflation, and we expect it to do so again unless— a very big 'unless'— inflation expectations lose their anchor."

Federal Reserve target rate probabilities (screenshot). Source: CME Group

Winograd stated that AllianceBernstein expects a 75 basis point rate cut by 2025, while CME Group's FedWatch tool shows that the market anticipates the first rate cut to occur at the Fed's June meeting.

Fibonacci provides "notable high levels" for BTC price

Considering the global market turmoil over the past three days, Bitcoin's price action has remained unusually calm in the short term, entering a consolidation phase after price fluctuations.

One key level for traders to watch is the 0.382 Fibonacci retracement level, currently around $73,500.

"In a bull market, the 38.2% Fibonacci retracement level typically serves as a key support level," explained popular trader Titan of Crypto, describing BTC/USD as a "reversal zone." "As long as Bitcoin's closing price remains above it, even with short-term dips, the upward trend remains intact."

BTC/USD 1-month Fibonacci level chart. Source: Titan of Crypto/X

Trader Daan Crypto Trades also emphasized the potential importance of this level, as it aligns with the historical peak in March 2024.

"$BTC has followed the 0.382 Fibonacci retracement level from the cycle bottom to the local top very well so far," he told his followers on the X platform. "This is the third test of this level in this cycle. This time, we also have the resonance of the 2024 peak. It's a notable high level to watch."

As Cointelegraph reported, other important trend lines include the 200-day simple moving average (SMA), which is a classic bull market support line that BTC lost when it first fell below $82,000.

BTC/USD 1-day chart (200-day moving average). Source: Cointelegraph/TradingView

Related: White House confirms 104% tariffs on China, Bitcoin relief rebound momentum weakens, will Bitcoin drop to new lows?

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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