Bitcoin is feeling the impact of ongoing global tariff tensions and has little or no upward momentum. The assets seem to have paused the bull’s run and attenuated investors’ expectations for a near recovery.
Currently, BTC, which is just over $77,000, is down nearly 30% from an all-time high, including a 1.6% drop in the last 24 hours. Among this, recent insights from Cryptoquant contributors suggest that Bitcoin is approaching a critical threshold that allows it to determine the next major direction of the asset.
Bitcoin achieved its price level in focus
Onchained’s latest analysis shows that the spot price of Bitcoin converges at a two-year realized price. This metric, derived from on-chain data, calculates the average acquisition cost of coins that have been moved to the blockchain within the last two years.
This price range often serves as a meaningful level of support, especially during the transition phase between bears and bull markets. Historically, Bitcoin has shown fundamental strength among long-term holders that it maintains a price action beyond its two years of realised price.
Onchained noted that BTC has remained above this line since October 2023. This is a sign of sustained investor trust. If Bitcoin continues to hold this level, it may indicate the establishment of a new value floor and may set up a stage of updated purchase pressure.
The analysis adds that bounces from this support zone can be interpreted as an inflow of capital from investors who view this price level as a strategic accumulation point. However, failures below the two-year realised price can lead to deeper corrections or long-term integration.
Long liquidation amplifies market volatility
In another update, crypto analyst DarkFost highlighted the key events that are shaking the derivatives market. On April 6th, the current Bull Cycle’s biggest Bitcoin Long Lixial event occurred, wiping out about 7,500 BTC in the long position.
The liquidation marked the highest volume of forced long position closures since the bull market began. According to DarkFost, the event was primarily driven by increased volatility and uncertainty stemming from concerns about US economic policy.
This Bull Cycle’s biggest Bitcoin long liquidation event
“On April 6th, around 7,500 Bitcoins of its strengths were liquidated, marking the largest day long wipeout of all Bull Runs so far.” – according @darkfost_coc
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https://t.co/eqw2je8twd pic.twitter.com/iethwrdrvz
– cryptoquant.com (@cryptoquant_com) April 9, 2025
In particular, fears about new tariffs under President Trump’s administration are putting pressure on global markets, including crypto. Analysts emphasized that such liquidation events serve as reminders of risks associated with high leverage positions during uncertain macroeconomic conditions. DarkFost wrote:
This is a clear reminder that we need to remain cautious during periods of increasing volatility like today. This is the time to care for and preserve your capital.
Special images created with Dall-E, TradingView chart
