TL;DR
- Bitcoin held above $80K despite the stock market crash; the Nasdaq and S&P 500 indices fell more than 8% in just two days.
- Analysts see a potential BTC rebound if the $82,400 support holds; some point to $76,500 as the recent local bottom.
- The market is betting on a rate cut in May, following positive job data and a stock crash that erased $3.5 trillion in market cap.
Bitcoin managed to stay above $80,000 during a session marked by sharp declines in U.S. stock markets.
BTC avoided a deeper pullback even after losing $2,500 from its daily high near $85,000. Its resilience contrasted with the plunge in the S&P 500 and Nasdaq indices, which opened with an additional 3.5% drop, accumulating losses of over 8% in just two days. Financial analysts attribute this scenario to fears of a prolonged trade war, which led to a $3.5 trillion loss in market capitalization, according to market estimates.
The stock collapse coincided with the release of better-than-expected labor data, which failed to stop the broader sell-off. Despite positive employment results, traders increased their bets on a rate cut by the Federal Reserve. The probability of an adjustment at the May meeting rose to 40%, according to the latest data from the futures market.
Could Bitcoin Enter a Bullish Cycle?
Bitcoin, for its part, showed technical signs that could indicate a potential rebound. Analyst Rekt Capital pointed out that the daily chart might be forming a bullish divergence, with the price creating a double bottom and the relative strength index (RSI) showing higher lows. To confirm this reading, the $82,400 level should continue to act as support.
Another trader, Cas Abbe, noted that BTC avoided setting a new low despite the worst day in five years for U.S. stocks. According to his analysis, $76,500 may have been the local bottom, although he believes the price needs to reclaim the $86,500 level to confirm a new upward trend.
According to the latest data from CoinMarketCap, Bitcoin (BTC) is trading at $82,600 per unit. It reached a peak near $85,000, then plunged, but managed to hold above key support. It shows a daily gain of 0.9% and a trading volume of over $43 billion.
