Bitcoin Price Stabilizes Around $80,000 Amid Ongoing Selling Pressure
Published: April 8, 2025, 08:28 AM IST
In a recent development within the cryptocurrency market, Bitcoin has stabilized near the $80,000 mark following a significant dip the previous day. On April 8, Bitcoin opened positively at around $80,559.88, rebounding from its earlier fall to $77,000, which was triggered by the imposition of tariffs by U.S. President Donald Trump.
At 7:32 AM IST, Bitcoin had recorded a rise of approximately 2.09% from the day prior, leading to a total market capitalization of about $1.59 trillion and a trading volume of $88.59 billion. The current market dominance of Bitcoin stands at 62.79%, with a minor increase of 0.26% observed recently.
Market Analysis and Expert Opinions
According to Alankar Saxena, Co-founder and CTO of Mudrex, Bitcoin is currently trading around $80,700 and faces significant resistance at $84,000, while support remains at $75,900. Saxena notes the increasing long-term holder supply of Bitcoin, indicating strong investor confidence despite widespread market volatility. He suggested that the cryptocurrency market is on a recovery trajectory, with gains observed in Bitcoin, Ethereum, and Solana, which have risen up to 15% from their recent lows.
Saxena points out that as global markets navigate through prolonged trade fragmentation and tariffs, Bitcoin’s potential as a safe haven asset could enhance its upward momentum. Meanwhile, the CoinSwitch Markets Desk highlighted that Bitcoin briefly fell to $74,600 before stabilizing around the $80,800 price point. They reported that approximately $377 million worth of Bitcoin was liquidated during this period of volatility.
Broader Market Context
The overall cryptocurrency market also experienced a modest recovery. Altcoins such as XRP, SOL (Solana), TRX (Tron), and ADA (Cardano) recorded gains of 1.6%, 4.9%, 2.3%, and 4.6%, respectively.
Looking ahead, Saxena mentioned that the upcoming U.S. Consumer Price Index (CPI) data could significantly influence market sentiment. A lower-than-expected inflation report may lead to a trend reversal across various markets.
On the downside, financial data from Coinglass indicated that roughly $1.5 billion in bullish crypto bets were liquidated in the last 24 hours, marking the highest level of selling pressure observed in 2025. Sean McNulty, head of APAC derivatives at FalconX, noted that patterns in the Options market suggest that selling pressure may persist, particularly with an increase in demand for put options.
Current Status of Other Cryptocurrencies
As of April 8, the global cryptocurrency market cap reached approximately $2.55 trillion, reflecting a 1.55% increase over the previous day. The total trading volume in the cryptocurrency market also saw a significant lift at $200.99 billion, up nearly 90% from earlier levels.
Ethereum, the second-largest cryptocurrency by market capitalization, is valued at $1,589.05, marking a 0.36% increase in the past 24 hours, alongside a market cap of $191.76 billion. Tether, a prominent stablecoin, trades close to its peg at $0.9995, with a market cap of $144.12 billion. Additionally, Solana, favored by Trump, is trading at $110.90, with a market cap of $57.17 billion.
As the cryptocurrency landscape continues to evolve, market participants are urged to stay informed about critical economic indicators and industry trends that may impact their investments.
For ongoing updates and detailed business news, including market trends and expert insights, readers can follow Mint through its dedicated platforms.
Tags: Bitcoin, Cryptocurrency, Market Update, Tariffs, Economic Indicators
Share this article:
