Bitcoin Claws Back Losses at Critical Support Level, But Bullish Momentum Remains Subdued

Cryptocurrency markets rallied sharply on April 9 after U.S. President Donald Trump announced a 90-day tariff pause for most nations

Crypto prices rose briskly on Monday after a temporary U.S. tariff halt announced by President Donald Trump saw most nations face reduced levies, though China faced heightened levies, the latest Cryptoquant insights report revealed.

President Trump's Surprise Tariff Announcement Spurs Crypto Price Surges

The cryptocurrency markets displayed a sharp rally on Monday, April 9, after a brief lull, according to the latest Cryptoquant insights report.

The move came after President Donald Trump announced a 90-day tariff pause for most nations, but he unexpectedly escalated tariffs on China.

The administration also imposed new tariffs on Mexican products, threatening to escalate trade friction further.

The tariff threat had sparked a sell-off in crypto markets earlier in the week, pushing Bitcoin to its lowest levels since November 2023.

However, the threat appeared to diminish after Trump announced a 90-day pause on raising tariffs on most goods, offering some relief to markets battered by trade friction and weak macroeconomic data.

Bitcoin bounced back from a five-month low of $74,000 to hit $82,077 by Monday, buoyed by the policy shift.

The move saw traders unwind some bearish bets, placing more emphasis on the 365-day moving average (MA) at $76,100, which stalled bitcoin’s declines in 2021 and 2024.

A sustained break below this MA could signal a bear market, according to researchers, who used cryptoquant.com data.

Weak Sentiment Despite Technical Support

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.

In the short term, 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, a scenario that unfolded during past bear cycles.

The tariff pause bought time but failed to reverse weak on-chain metrics, such as slumping network activity and stablecoin liquidity.

Bitcoin’s 27% drawdown earlier in the week was also the steepest of the cycle, highlighting market fragility.

Cryptoquant researchers concluded by urging vigilance as the trajectory of the Bull Score hinges on whether tariff relief can reignite investor confidence.