Bitcoin (BTC) Price Dances Between $74,000 and $83,000 as Global Macroeconomic Uncertainty Grips the Market

Over the past few weeks, the cryptocurrency market has been overwhelmed by a high degree of uncertainty and volatility triggered by the constantly shifting global macroeconomics.

The cryptocurrency market has been exhibiting a high degree of uncertainty and volatility in recent weeks, triggered by the constantly shifting global macroeconomics. This unsettled market condition saw the Bitcoin price dance between $74,000 and $83,000 in the space of a few days.

The price of BTC sank toward $74,000 at the start of the past week as crypto investors panicked after United States President Donald Trump announced new trade tariffs. On Thursday, April 10, the premier cryptocurrency reclaimed the $83,000 level after President Trump paused trade tariffs on all countries except China.

Is Bitcoin Now A ‘Mature Asset’?

The Bitcoin price has been quite reactive to virtually every piece of news in the global trade, demonstrating the highly volatile state of the cryptocurrency market. However, an on-chain analytics expert has explained that the volatility of the current Bitcoin market pales in comparison to past episodes.

In a new post on the social media platform X, CryptoQuant’s head of research, Julio Moreno, revealed that the Bitcoin price volatility in the ongoing global trade drama has been “so far lower” than that from other past events, such as the COVID-19 crash, Terra-Luna collapse, FTX downfall, and the Silicon Valley Bank (SVB) bank run.

The relevant indicator here is the Price Intraweek Range metric, which estimates the percentage change in the average weekly price of Bitcoin. According to data from CryptoQuant, the Bitcoin Price Intraweek Range climbed to an all-time high of 72% during the COVID-19 market downturn in April 2020.

The chart above shows that the BTC Intraweek Range indicator surged to 49% after the crash of the Terra Luna ecosystem in May 2022. Meanwhile, the indicator reached 31% following the collapse of the Sam-Bankman-Fried-led FTX exchange in late 2022 and the SVB bank run in early 2023.

With the escalating trade tensions between the United States and China, the Bitcoin Price Intraweek Range metric stands between 8% – 21%. This reduced volatility suggests that the premier cryptocurrency has matured as an asset, with deeper liquidity and a better market structure.

The relatively stable price action can be connected to the growing base of long-term holders and steady corporate adoption, as institutional players are beginning to view the world’s largest cryptocurrency less as a high-risk asset and more as a hedge against macroeconomic uncertainties.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $83,700, reflecting a 5% increase in the past 24 hours.

News data source: kdj.com

The above is the detailed content of Bitcoin (BTC) Price Dances Between $74,000 and $83,000 as Global Macroeconomic Uncertainty Grips the Market. For more information, please follow other related articles on the PHP Chinese website!