TLDR
Bitcoin price experienced a rebound above $80,000 after dipping to $74,500
Roughly $2.26 billion in Bitcoin options expired on April 11 with a balanced mix of bearish and bullish positions
U.S.-China trade tensions impacted crypto markets after tariff announcements
Whales and sharks have begun accumulating Bitcoin again, with 132 new wallets holding over 10 BTC added in 24 hours
Bitcoin remains about 26% below its all-time high despite the recovery
Bitcoin prices have been on a rollercoaster ride this week, swinging between $74,000 and $83,000 as investors react to changes in U.S. trade policy. The cryptocurrency is currently trading around $80,680, down 3.4% for the week.
The recent price movement has been heavily influenced by President Trump’s tariff announcements.
Initially, Bitcoin slumped to $74,000 when Trump showed strong intent to implement reciprocal tariffs.
A rebound followed after the administration announced a 90-day extension for most trading partners.
However, China was excluded from this extension, with Trump instead raising tariffs against the country to 145%.
Bitcoin $BTC
The more a trendline is tested, the weaker it becomes
Not ruling out another sweep of the lows before a potential breakout pic.twitter.com/77ohIQ3MOT
— Trader Edge (@Pro_Trader_Edge) April 11, 2025
China retaliated by imposing 84% tariffs on the U.S.
These developments have raised concerns about a full-blown trade war between the world’s two largest economies, dampening risk appetite across global markets.
Whale Activity Signals Renewed Confidence
Despite market turbulence, data suggests large Bitcoin holders are becoming more bullish.
According to Santiment, the number of addresses holding more than 10 BTC increased by 132 in the past 24 hours.
Data from CryptoQuant reveals a massive movement of approximately 48,575 BTC ($3.6 billion) into accumulation addresses.
This represents the largest whale movement since 2022, potentially signaling growing market confidence.
The quick recovery back above $80,000 appears to have revived investor sentiment after consecutive drops below this level.
Options Expiry Adds Market Pressure
On April 11, approximately 28,000 Bitcoin options contracts expired, representing a total value of about $2.26 billion.
The put/call ratio stood at 0.88, indicating a relatively balanced mix of bearish and bullish positions.
11 Apr Options Delivery Data28,000 BTC options expired with a Put Call Ratio of 0.88, a maximum pain point of $81,500 and a notional value of $2.26 billion.184,000 ETH options expired with a Put Call Ratio of 0.92, a max pain of $1,700 and a notional value of $280 million.… pic.twitter.com/URjpOAEkFm
— Greeks.live (@GreeksLive) April 11, 2025
The “max pain” point for these options was $81,500 – the price where the most contracts would expire worthless.
High open interest was observed at both the $70,000 and $100,000 strike prices, reflecting divided market sentiment.
Alongside Bitcoin, about 184,000 Ethereum options contracts also expired on the same day, with a notional value of roughly $280 million.
Technical Outlook Remains Mixed
The weekly price action suggests Bitcoin is approaching a decisive phase that could trigger a potential pullback.
Technical indicators present a mixed picture, with the Ichimoku cloud approaching a bearish crossover.
Meanwhile, the RSI (Relative Strength Index) is attempting to validate a bullish divergence after dropping below average.
A bullish close above $81,500 appears crucial to counter bearish possibilities.
Key resistance stands at $82,500, with traders eyeing $85,000 as a short-term target.
The $100,000 level continues to act as long-term resistance.
Broader Crypto Market Performance
The overall cryptocurrency market remains under pressure, with total market capitalization dropping 2.9% to $2.664 trillion in recent days.
Ethereum fell 4% to $1,551, maintaining elevated implied volatility compared to Bitcoin.
Most altcoins registered small gains, with Cardano, Avalanche, and Hedera showing positive movement.
Concerns have been raised about transparency in the markets after unusual trading behavior was noted just before the tariff announcement.
Bitcoin’s recent movements have largely mirrored U.S. stocks, particularly the Nasdaq, raising questions about its status as a safe haven asset.
Traditional safe havens like gold and the Japanese yen were the top-performing assets this week.
Major corporate Bitcoin holder MicroStrategy disclosed a $5.9 billion unrealized loss on its digital asset holdings, adding to market concerns.
Several large Bitcoin holders were also observed moving substantial amounts to exchanges, potentially signaling selling intentions.
The current Bitcoin price of $80,680 represents a 26% decline from its all-time high set earlier this year.
