Bitcoin, stocks plummet despite CPI better than expected and Trump postpones tariffs – Can whales save the situation?

Bitcoin failed to maintain its previous upward momentum on April 10 as U.S. stocks overlooked positive inflation data.

BTC/USD Chart – 1 Hour | Source: TradingViewData from TradingView shows that the price volatility of BTC increased significantly at the time the Consumer Price Index data was released (CPI) for March.

The figure was well below expectations, suggesting slowing inflation despite market disruptions caused by U.S. trade tariffs.

Official press release from the U.S. Bureau of Labor Statistics (BLS) states:

"CPI rose by 2.4% in March, after recording an increase of 2.8% in February. Core CPI excluding food and energy increased by 2.8% over the past 12 months, the smallest increase since March 2021."

U.S. CPI Change Over 12 Months | Source: BLSAlthough theoretically this is a catalyst for risk assets, U.S. stocks have slightly decreased at the open. The S&P 500 and Nasdaq Composite fell by 3% and 3.7%, respectively.

"The market believes that the recent strong jobs report and cooling inflation data have given the 'green light' for Trump to continue the trade war," The Kobeissi Letter suggested in its response on X.

However, Kobeissi acknowledges the impacts of rapidly declining inflation, which tariffs have not yet affected.

"This is the lowest core CPI inflation rate in 4 years," Kobeissi continued in a separate thread on X.

"This also puts CPI inflation just over 40 basis points above the Fed's 2% target. In just the last 3 months, inflation has decreased by 60 basis points."

BTC price recovery could depend on "Spoofy whales"

Turning to the price movements of BTC, market participants are in a wait-and-see mode after the United States suspended the imposition of tariffs for 90 days.

Famous trader Daan Crypto Trades stated that reclaiming the $83,000 range is a necessary starting point for the bulls.

"BTC has experienced a strong move after the announcement of the tariff suspension. While BTC is likely to recover better after the drop, we see stocks rising stronger after the suspension ( perhaps because they are directly affected by the tariffs )."

The accompanying chart shows the main trend lines around the spot price.

"BTC has returned to the MA 200 – 4 hour (purple) line that has restricted prices over the past few weeks. The $83,000 – $85,000 area is a crucial level that the bulls need to break through," he continued.

"Right below, we can see the horizontal line at $81,100 is an important level with quite a bit of activity. This is also a level to watch in the short term. Trading below this area could cause recent price action to deviate."

BTC/USDT Chart – 4 Hours | Source: Daan Crypto TradesAnalyzing the order book liquidity, Keith Alan, co-founder of Material Indicators, has drawn attention to both the 21-day and 50-day Simple Moving Averages (SMA) on the chart.

"The first attempt to break the resistance level at the 21-day MA was rejected, however, the bid price liquidity of BTC is increasing, so the market may be looking for another attempt," he summarized.

"If the bulls can reverse the 21-day line into support, there will be even stronger resistance around the trend line and the 50-day MA."

BTC/USD Chart – 1 day with SMA 21, 50 days | Source: TradingViewAlan reiterates the role of large volume traders shifting liquidity up and down the spot price of Bitcoin to influence price action. The actions of a specific entity, which he previously referred to as "Spoofy whale," remain a point to consider.

"If 'Spoofy' helps the price skyrocket, we will have the opportunity to target the 100-day SMA area and the opening level for 2025 around $93,300, which is the threshold to return to Bitcoin's six-figure price," he concluded.

BTC/USDT order book liquidity data | Source: Keith AlanYou can view the BTC price here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

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