Bitcoin dips below $76K, tests support at $74K amid US-China tariff concern

Bitcoin Price Today, April 9, 2025: Cryptocurrencies were under pressure on Wednesday, April 9, with the flagship Bitcoin (BTC) skidding below $76,000 following US President Donald Trump's announcement of a 104 per cent tariff on Chinese goods, which put additional pressure on the Chinese yuan.  The announcement led to a decline across the equity markets too, as the US's tech-heavy Nasdaq fell 2.15 per cent overnight in the US. Among the Asian markets, Japan's Nikkei was the top laggard and fell over 4 per cent on Wednesday morning.  Meanwhile, the world’s most popular and largest cryptocurrency by market capitalisation traded down by 5.56 per cent, at around $75,454.29, with a market cap of $1.49 trillion and a trading volume of $52.26 billion, around 09:35 AM on Wednesday, April 9, 2025. Bitcoin has traded in the range of $80,379.84 to $74,589.67 in the last 24 hours, according to data from CoinMarketCap.

 

The crypto market, Edul Patel, co-founder and CEO of Mudrex, said, reacted to the sharp reversal in US equities, which erased 4 per cent of its intraday gains. However, the Dollar Index (DXY) slipped to 103, diverging from Treasury yields—a trend that could support Bitcoin's near-term price action.

 

According to Glassnode, Bitcoin whales (holding 10,000+ BTC) achieved an accumulation score of 1.0, indicating increased buying activity. Bitcoin’s resistance is now back to $79,700, with support remaining above $74,000, Patel said.

 

Meanwhile, Vikram Subburaj, CEO of Giottus Crypto Platform, expects the market volatility to remain high with a risk-off sentiment prevailing and global macro uncertainty deepening.

 

Selling was seen among other cryptocurrencies as well. Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, traded lower by 9.65 per cent at around $1,435.43. Notably, Ethereum is nearly 70 per cent lower than its all-time high of $4,891.70 reached on November 16, 2021.

 

Meanwhile, among the other popular cryptocurrencies, Solana (SOL) was trading lower by 6.55 per cent. This was followed by Ripple (XRP), which traded down by 6 per cent, and Binance Coin (BNB), which experienced a 3 per cent decline.

 

Meanwhile, the US Dollar-linked stablecoin Tether traded at $0.9990, down 0.02 per cent.