Bitcoin (BTC) price made a swift move to $78,300 at the April 9 Wall Street open as “herd-like” price action in equities markets continued to spook risk-asset traders.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin gyrates as stocks make history
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retargeting five-month lows under $75,000 before rebounding leading into the NY trading session.
A deepening US-China trade war kept stocks on their toes, having cost Bitcoin the $80,000 mark the day prior.
Highly unusual market behavior had accompanied US tariff announcements, and China’s response with reciprocal tariffs saw the S&P 500 smash records with its roundtrip from lows to highs and back.
“On a point basis, the S&P 500 just posted its largest intraday reversal in history, even larger than 2020, 2008 and 2001,” trading resource The Kobeissi