Crypto prices surged after a temporary U.S. tariff halt, yet bullish momentum remains subdued, Cryptoquant researchers report.
Bitcoin clawed back losses at a critical technical support level, but weak investor sentiment signals caution ahead.
Bitcoin’s $76K Support Holds, But Bull Index Flashes Red
Cryptocurrency markets rallied sharply on April 9 after U.S. President Donald Trump announced a 90-day tariff pause for most nations, though China faced heightened levies, according to the latest Cryptoquant insights report. Bitcoin rebounded from a five-month low of $74,000 to $82,077, buoyed by the policy shift, while ethereum and XRP also pared losses.
The rebound followed bitcoin’s dip to its 365-day moving average (MA) at $76,100—a historically pivotal support level that stalled declines in 2021 and 2024, cryptoquant.com data shows. A sustained break below this MA could signal a bear market, researchers noted.
Despite the rally, Cryptoquant’s Bull Score Index—tracking 10 market health metrics—plummeted to 10, its lowest since November 2022. Only one bullish signal remains active: Bitcoin’s price above its 365-day MA. The index must climb above 40 to indicate sustained bullish conditions, the report stressed.
Resistance looms at $84,000 and $96,000, levels tied to trader realized price bands that once acted as support. CryptoQuant analysts warned these zones could now cap gains if bullish momentum falters, mirroring past bear cycles.
The tariff pause eased immediate trade tensions but failed to reverse weak on-chain metrics, including slumping network activity and stablecoin liquidity. Bitcoin’s 27% drawdown earlier in the week marked the steepest of the cycle, underscoring fragility. Cryptoquant researchers concluded by urging vigilance as the Bull Score’s trajectory hinges on whether tariff relief reignites investor confidence.
