Bitcoin Holds Steady Amid U.S.-China Trade War and Dollar Decline
As the U.S.-China trade war intensifies, China has raised tariffs on U.S. imports from 84% to 125%. Despite this, the cryptocurrency market remains stable:
- Bitcoin is down 0.15% over the past 24 hours, trading above $82,000.
- The broader crypto market is stable according to the CoinDesk 20 index.
In contrast, gold prices have reached a record high of $3,227.5, making Tether’s XAUT the top-performing digital asset. The U.S. Dollar Index has dropped below 100, marking its largest decline since 2022, while the yield on 10-year Treasuries has risen to approximately 4.4%.
U.S. inflation declined last month, which could lead the Federal Reserve to consider rate cuts. Bitcoin investors experienced losses of up to $250 million during recent downturns, indicating signs of seller exhaustion.
Upcoming Events:
- April 11: U.S. SEC Crypto Task Force Roundtable in Washington.
- April 17: EigenLayer activates slashing on Ethereum mainnet.
- April 11: March producer price inflation data release by BLS.
- April 14: Salvadoran President Nayib Bukele's visit with U.S. President Donald Trump.
Market Movements:
- BTC unchanged at $82,013.36 (24hrs: +0.81%)
- ETH up 1.9% at $1,559.54 (24hrs: +5.22%)
- CoinDesk 20 up 3.43% at 2,379.04 (24hrs: +0.64%)
- DXY down 1.1% at 99.75
- Gold up 2.51% at $3,234.50/oz
Technical Analysis:
BTC's 30-day momentum indicator shows an upward trend, indicating potential resistance levels at $88,000 and $92,000 if it crosses the descending trendline.
Derivatives Positioning:
BTC futures open interest has increased, suggesting new inflows into the market. Funding rates for major coins are between 0% and 10%, indicating cautiously bullish sentiment.
Crypto Equities Overview:
- Strategy (MSTR): closed at $272.34 (-8.26%), up pre-market to $284.54
- Coinbase Global (COIN): closed at $169.62 (-4.22%), up pre-market to $173.80
ETF Flows:
- Spot BTC ETFs: Daily net flow -$149.5 million; Cumulative net flows $35.46 billion.
- Spot ETH ETFs: Daily net flow -$38.8 million; Cumulative net flows $2.32 billion.
Overall, despite external economic pressures, the cryptocurrency market demonstrates resilience, with BTC maintaining stability amidst significant geopolitical events.