title: Bitcoin (BTC) Continues to Defy Global Economic Uncertainty, Inch Closer to Reclaiming $86,000

Bitcoin (BTC) continues to defy global economic uncertainty, inching closer to reclaiming $86,000. It is now less than 3% away from its "Liberation Day" high.

Crypto markets are beginning the second quarter on a mixed note, with U.S. macroeconomic data and Treasury Secretary Scott Bessent's interview highlighting key trends.

Crypto markets are beginning the second quarter on a mixed note, with U.S. macroeconomic data and Treasury Secretary Scott Bessent's interview highlighting key trends.

As of 4 p.m. ET (8 p.m. UT), Bitcoin (BTC) is trading at $85,877.18 and is less than 3% away from reclaiming the $86,000 level. It is now less than 3% away from its "Liberation Day" high. To put the move into perspective, bitcoin dominance — which measures BTC’s share of the total cryptocurrency market cap — is approaching 64%, a level not seen since January 2021.

As of 4 p.m. ET (8 p.m. UT), Bitcoin (BTC) is trading at $85,877.18 and is less than 3% away from reclaiming the $86,000 level. It is now less than 3% away from its "Liberation Day" high. To put the move into perspective, bitcoin dominance — which measures BTC’s share of the total cryptocurrency market cap — is approaching 64%, a level not seen since January 2021.

In contrast, the Nasdaq 100 is still 5% away from its own Liberation Day high, underscoring bitcoin's relative strength versus U.S. equities.

In contrast, the Nasdaq 100 is still 5% away from its own Liberation Day high, underscoring bitcoin's relative strength versus U.S. equities.

According to X account Cheddar Flow , the S&P 500 has just formed a "death cross" — a traditionally bearish signal that occurs when the 50-day moving average falls below the 200-day moving average. The last time this happened was March 15, 2022, when S&P 500 initially rose by 11% in the following week, only to be followed by a 20% decline. Bearish sentiment is also reflected in the options market, where investors are reportedly buying large volumes of NVDA puts , signaling expectations of lower prices.

According to X account Cheddar Flow , the S&P 500 has just formed a "death cross" — a traditionally bearish signal that occurs when the 50-day moving average falls below the 200-day moving average. The last time this happened was March 15, 2022, when S&P 500 initially rose by 11% in the following week, only to be followed by a 20% decline. Bearish sentiment is also reflected in the options market, where investors are reportedly buying large volumes of NVDA puts , signaling expectations of lower prices.

In a Bloomberg interview on Monday, Treasury Secretary Scott Bessent reaffirmed confidence in the U.S. bond market, dismissing concerns that foreign nations are dumping Treasuries.

In a Bloomberg interview on Monday, Treasury Secretary Scott Bessent reaffirmed confidence in the U.S. bond market, dismissing concerns that foreign nations are dumping Treasuries.

"I am not seeing a dumping of U.S. Treasuries ,” Bessent said. "The Treasury has lots of tools , but we're a long way from needing them." He also emphasized the enduring status of the U.S. dollar as the world’s reserve currency, despite the DXY index — which measures the dollar's value against a basket of major trading partners — falling below 100 and dropping over 10% in recent weeks.

"I am not seeing a dumping of U.S. Treasuries ,” Bessent said. "The Treasury has lots of tools , but we're a long way from needing them." He also emphasized the enduring status of the U.S. dollar as the world’s reserve currency, despite the DXY index — which measures the dollar's value against a basket of major trading partners — falling below 100 and dropping over 10% in recent weeks.

Bessent also confirmed that the Trump administration is seeking a new Federal Reserve Chair to replace Jerome Powell, with interviews set to begin later in the year. He concluded the interview by suggesting that the VIX (S&P 500 volatility index) may have peaked after the largest one-day percentage drop in its history last week. Stay alert!

Bessent also confirmed that the Trump administration is seeking a new Federal Reserve Chair to replace Jerome Powell, with interviews set to begin later in the year. He concluded the interview by suggesting that the VIX (S&P 500 volatility index) may have peaked after the largest one-day percentage drop in its history last week. Stay alert!

What to Watch

What to Watch

Crypto:

Crypto:

April 15: The first SmarDEX (SDEX) halving means the SDEX token's distribution will be cut by 50% for the next 12 months.

April 15: The first SmarDEX (SDEX) halving means the SDEX token's distribution will be cut by 50% for the next 12 months.

April 16: HashKey Chain (HSK) mainnet upgrade enhances network stability and fee control capabilities.

April 16: HashKey Chain (HSK) mainnet upgrade enhances network stability and fee control capabilities.

April 17: EigenLayer (EIGEN) activates slashing on Ethereum mainnet, enforcing penalties for operator misconduct.

April 17: EigenLayer (EIGEN) activates slashing on Ethereum mainnet, enforcing penalties for operator misconduct.

April 18: Pepecoin (PEP), a layer-1, proof-of-work blockchain, undergoes its second halving , reducing block rewards to 15,625 PEP per block.

April 18: Pepecoin (PEP), a layer-1, proof-of-work blockchain, undergoes its second halving , reducing block rewards to 15,625 PEP per block.

April 20, 11 p.m.: BNB Chain (BNB) — opBNB mainnet hardfork .

April 20, 11 p.m.: BNB Chain (BNB) — opBNB mainnet hardfork .

April 21: Coinbase Derivatives will list XRP futures pending approval by the Commodity Futures Trading Commission (CFTC).

April 21: Coinbase Derivatives will list XRP futures pending approval by the Commodity Futures Trading Commission (CFTC).

Macro

Macro

April 15, 8:30 a.m.: Statistics Canada releases March consumer price inflation data.

April 15, 8:30 a.m.: Statistics Canada releases March consumer price inflation data.

Core Inflation Rate MoM Prev. 0.7%

Core Inflation Rate MoM Prev. 0.7%

Core Inflation Rate YoY Prev. 2.7%

Core Inflation Rate YoY Prev. 2.7%

Inflation Rate MoM Est. 0.6% vs. Prev. 1.1%

Inflation Rate MoM Est. 0.6% vs. Prev. 1.1%

Inflation Rate YoY Est. 2.6% vs. Prev. 2.6%

Inflation Rate YoY Est. 2.6% vs. Prev. 2.6%

April 16, 8:30 a.m.: The U.S. Census Bureau releases March retail sales data.

April 16, 8:30 a.m.: The U.S. Census Bureau releases March retail sales data.

Retail Sales MoM Est. 1.4% vs. Prev. 0.2%

Retail Sales MoM Est. 1.4% vs. Prev. 0.2%

Retail Sales YoY Prev. 3.1%

Retail Sales YoY Prev. 3.1%

April 16, 9:45 a.m.: Bank of Canada releases its latest interest rate decision, followed by a press conference 45 minutes later.

April 16, 9:45 a.m.: Bank of Canada releases its latest interest rate decision, followed by a press conference 45 minutes later.

Policy Interest Rate Est. 2.75% vs. Prev. 2.75%

Policy Interest Rate Est. 2.75% vs. Prev. 2.75%

April 16, 1:30 p.m.: Fed Chair Jerome H. Powell will deliver an “Economic Outlook” speech. Livestream link .

April 16, 1:30 p.m.: Fed Chair Jerome H. Powell will deliver an “Economic Outlook” speech. Livestream link .

April 17, 8:30 a.m.: U.S. Census Bureau releases March new residential construction data.

April 17, 8:30 a.m.: U.S. Census Bureau releases March new residential construction data.

Housing Starts Est. 1.42M

Housing Starts Est. 1.42M