According to CryptoQuant, Bitcoin (BTC) may face resistance around $84,000**, but a breakout could propel it toward the next major hurdle at **$96,000. However, failure to surpass these levels might keep prices fluctuating near the lower $80,000s in the short term.
Key Resistance Levels and Market Sentiment
CryptoQuant analysts noted in their April 10 report:
"These price ranges previously acted as support during this bull cycle but may now turn into resistance if bullish momentum falters. This pattern mirrors past bear-market cycles."
- Current BTC Price: $79,474 (down 3.5% in 24 hours).
- 30-Day Trend: -2.24% (CoinMarketCap).
April’s Volatility and Macro Impacts
Bitcoin briefly surpassed $85,000 on April 1 but retreated to ~$76,000 by April 8 amid uncertainty over U.S. tariff policies. A 90-day tariff pause announced on April 9 triggered a rebound:
- BTC surged ~9%, retesting $83,000.
- S&P 500 rose 9.52%, marking its third-largest single-day gain since WWII.
Analyst Predictions: Short-Term vs. Long-Term Outlook
Bullish Forecasts:
- Bill Barhydt (Abra Global CEO): BTC could reach $130,000–$140,000 by June, citing "leveraged bets on tech stocks" and expanding global money supply.
- Jamie Coutts (Real Vision): Bitcoin might hit new all-time highs before Q2 ends.
Cautionary Signals:
- CryptoQuant’s Bull Score Index shows BTC has its weakest upward momentum since November 2022, with only 1 of 10 bullish signals active (price above 365-day moving average).
FAQs
Q: What’s the immediate resistance for Bitcoin?
A: $84,000, followed by $96,000 if broken.
Q: Why did Bitcoin rebound on April 9?
A: Triggered by the U.S. tariff pause, boosting market optimism.
Q: Could Bitcoin drop further?
A: Yes, if bullish conditions (e.g., trading volume, macroeconomic clarity) don’t improve.
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Final Thoughts
While short-term volatility persists, long-term bullish narratives remain intact. Traders should monitor:
- Macroeconomic policies (e.g., tariffs, liquidity shifts).
- On-chain metrics (CryptoQuant’s Bull Score, whale activity).
Disclaimer: Not investment advice. Always conduct independent research.
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