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Bitcoin Aims for Stability Amidst Weekend Market Ups and Downs

By Omkar Godbole (All times ET unless indicated otherwise)

As the new week starts quietly, Bitcoin is attempting to maintain a position above the downtrend line that has emerged since reaching record highs, facing resistance at $86K over the weekend. Meanwhile, FLR, TRX, and SOL outperformed the broader crypto market, with the RWA protocol Mantra’s OM token experiencing a significant drop during Asian trading hours.

Mantra attributed OM’s 90% crash to 70 cents to forced liquidations on crypto exchanges. Blockchain analyst Spot On Chain highlighted a large transfer of coins to OKX three days preceding the crash. In response, OKX’s CEO Star Xu termed the OM token collapse a significant scandal within the crypto industry, emphasizing the transparency of on-chain data available for scrutiny on major exchanges.

Market Insights

In additional news, IntoTheBlock’s data revealed an increase in transaction volumes on Virtuals Protocol, a blockchain platform for creating and deploying AI agents. According to Arkham Intelligence, Mechanism’s Capital’s Andrew Kang doubled his bullish stance on Bitcoin, now holding a long position worth $200 million.

The New York Digital Investment Group (NYDIG) commented on the crypto market’s relative stability and orderly behavior during recent turbulence in traditional markets, suggesting it might create a self-reinforcing virtuous cycle.

Outlook for Bitcoin

Many investors anticipate Bitcoin (BTC) trading within a limited range due to concerns over unresolved U.S.-China trade tensions. This concern was reignited by President Trump’s recent decision to exclude certain products from Chinese tariffs, which some interpret as openness to negotiation.

“BTC continues to consolidate within the $80k-$90k range and might remain in a ‘wait and see’ stance regarding the tariff issues,” reported QCP Capital in a Telegram message, especially highlighting the demand for $100K calls over the weekend.

According to Bloomberg’s Lisa Abramovicz, there is skepticism regarding Trump’s recent pivot. “It’s still a sell rallies market environment. Tariff uncertainty, economic growth concerns, the Fed’s potential policy missteps, and fund outflows suggest continued wide spreads,” reported Deutsche Bank’s Credit Analyst Steve Caprio.

Crypto Market Observations

Investors are worried about declining demand for spot Bitcoin ETFs, which saw a $700 million outflow last week, as per Farside Investors. “ETF demand is cooling. A noticeable fall in Bitcoin spot ETF assets indicates institutional outflows. This trend needs close observation,” said blockchain analytics platform CryptoQuant on X.

Furthermore, major U.S. equity indexes like the S&P 500 and Nasdaq are potentially headed towards a bearish “death cross,” where the 50-day simple moving average (SMA) dips below the 200-day SMA. The dollar index appears oversold according to the 14-day relative strength index, which calls for caution in risk assets.

Upcoming Key Events

The upcoming week’s critical events and updates include market reactions to Trump’s tariff exclusions on Monday, the U.S. retail sales data on Wednesday, Fed Chairman Jerome Powell’s speech, and Wall Street earnings reports on Friday. Stay vigilant!

What to Watch in the Crypto Sector

• April 14, 2025: Filecoin (FIL) mainnet upgrade aligns with Ethereum’s EIP-1153.
• April 15: SmarDEX (SDEX) halving, reducing the token’s distribution by half for the next year.
• April 16: HashKey Chain (HSK) mainnet upgrade improves stability and fee control.
• April 17: EigenLayer (EIGEN) enforces penalties for operator misconduct on Ethereum mainnet.
• April 18: Pepecoin (PEP) undergoes a second halving, decreasing coin issuance.
• April 21: Coinbase Derivatives plans to launch XRP futures, pending approval.

Macro Updates

• April 14: President Nayib Bukele meets with President Trump for an official visit.
• April 14, 1:00 p.m.: Fed Governor delivers a speech on economic outlook.
• April 15, 8:30 a.m.: Canada’s March consumer price inflation data release.
• April 16, 8:30 a.m.: U.S. releases March retail sales data.
• April 16, 1:30 p.m.: Fed Chair Jerome Powell discusses the economic outlook.

Token Activities

• April 15: Starknet (STRK) unlocks 4.37% of circulating supply.
• April 16: Arbitrum (ARB) unlocks 2.01% of circulating supply.
• April 18: Official Trump (TRUMP) unlocks 20.25% of circulating supply.
• April 22: KernelDAO (KERNEL) lists on several exchanges.
• April 16: Binance plans to delist several tokens.

Conferences to Attend

• April 14: ETH Seoul 2025 Conference
• April 15: Bitcoin Reserve Summit (online)
• April 15-16: BUIDL Asia 2025 in Seoul
• April 23: Crypto Horizons 2025 in Dubai
• May 14-16: CoinDesk’s Consensus in Toronto

Current Market Movements

• BTC is 0.66% up since Friday, hovering around $84,404.14.
• ETH has increased by 4.5%, settled at $1,642.47.
• CoinDesk 20 index is 3.1% higher.

Stay tuned for more updates as the week progresses, and keep a close watch on market developments. If you’re looking to dive deeper or invest, monitor these events and trends closely!

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