Bitcoin (BTC<\/a>) repeated earlier volatility at the April 1 Wall Street open as US trade tariff talk kept markets nervous.<\/p>\n BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD making rapid moves within its weekly trading range of around $83,000.<\/p>\n US stocks ticked lower at the open, while gold came off fresh all-time highs of $3,149 per ounce.<\/p>\n Talk of recession began to return to the spotlight ahead of US President Donald Trump\u2019s so-called \u201cLiberation Day,\u201d due on April 2 and on which he promised to unveil a new round of trade tariffs.<\/p>\n \u201cEquity markets are clearly pricing-in a recession: The S&P 500 is down -2% since Fed rate cuts began in September 2024,\u201d trading resource The Kobeissi Letter wrote in part of an X thread<\/a> on the topic.<\/p>\n Kobeissi referred to the Federal Reserve easing of financial policy in the form of interest rate cuts \u2014 something now on pause but which markets see resuming in June<\/a>, per data from CME Group\u2019s FedWatch Tool<\/a>.<\/p>\n Fed target rate probabilities for June 18 FOMC meeting. Source: CME Group<\/em><\/p>\n<\/figcaption><\/figure>\n While this would be a clear bullish catalyst for crypto and risk assets, Kobeissi noted that history had not favored strong equities rebounds under similar circumstances.<\/p>\n \u201cIn the case of rate cuts during a recession, the S&P 500 declined -6% in 6 months -10% within 12 months,\u201d it continued.<\/p>\n \u201cThe AVERAGE post-pivot return is +1% in 6 months.\u201d<\/p><\/blockquote>\n S&P 500 performance comparison. Source: The Kobeissi Letter\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Trading firm QCP Capital was similarly cautious about the overall market landscape thanks to macroeconomic forces.<\/p>\n \u201cWith consumer confidence plumbing 12-year lows and equity markets already rattled by a 4-5% weekly drawdown, the timing couldn’t be worse,\u201d it wrote about tariffs in its latest bulletin to Telegram channel subscribers.\u00a0<\/p>\n \u201cThere is a real risk that a broad and aggressive regime could deepen recession fears and send risk assets spiraling. That said, political theatre often leaves room for recalibration. A softer-than-expected rollout could offer markets a brief reprieve.\u201d<\/p><\/blockquote>\n BTC price action thus left market observers keen for stronger signals over momentum, even as fundamental support at $80,000 held firm.<\/p>\n Related: <\/strong><\/em>Bitcoin sellers ‘dry up’ as weekly exchange inflows near 2-year low<\/strong><\/em><\/a><\/p>\n \u201cSome upside momentum today, but it\u2019s still just a 3-wave move, and resistance is holding strong,\u201d trading channel More Crypto Online\u00a0summarized<\/a>\u00a0about an Elliott Wave<\/a> schematic for the 30-minute chart, adding that \u201cthe rally\u2019s got more to prove.\u201d<\/p>\n BTC\/USD 30-minute chart. Source: More Crypto Online\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Popular trader Jelle noted BTC\/USD respecting the 50-week simple moving average (SMA), currently at $76,600, as support.<\/p>\nBitcoins Bitcoin stays erratic ahead of crunch tariffs<\/h2>\n
Bitcoins BTC price action heads to key resistance<\/h2>\n