Bitcoin sees profit booking at higher levels, tests resistance at $83,700

The cryptocurrency market, which had been under pressure due to a broad sell-off sparked by tariff concerns, showed signs of recovery on Friday, April 11. The rebound followed US President Donald Trump’s announcement to pause tariffs for many countries, barring China. 

 

Following a strong recovery, the flagship cryptocurrency, Bitcoin, which had briefly touched $82,300, is stabilising around $80,000 as markets absorb softer-than-expected US CPI data. Notably, US consumer prices fell by 0.1 per cent in March, marking the first monthly decline since May 2020.

 

The world’s most popular and largest cryptocurrency by market capitalisation was trading down 0.95 per cent at around $80,834.74, with a market cap of $1.6 trillion and a trading volume of $44.15 billion as of 10:09 AM on Friday, April 11, 2025.

 

 

(Source: CoinMarketCap)

               

 

While lower US inflation typically boosts investor sentiment due to potential Fed rate cuts, analysts said markets saw brief profit booking.

 

Notably, Bitcoin traded in the range of $82,338.94 to $78,456.13 in the last 24 hours, as per data from CoinMarketCap.

 

Bitcoin and the crypto market, Vikram Subburaj, CEO of Giottus Crypto Platform said, continue to be impacted by volatility marked by macroeconomic concerns. With the US CPI data coming in lower, market expectations of an interest rate cut in May have taken a hit. “This means we will likely have an extended period of tightened monetary policy, which goes against risk-on assets like crypto,” said Subburaj. The safe-haven asset gold has scaled a new all-time high today, confirming the risk-off sentiment.

 

Subburaj believes that to remain bullish, Bitcoin needs to reclaim the $87,200 level where key moving averages align. While on-chain data shows stable whale activity, a wait-and-watch approach is prevalent.

 

However, CryptoQuant data shows that Bitcoin whales remain active, with wallets holding 1,000 to 10,000 BTC rising faster than the 30-day average. This, according to Edul Patel, Co-founder and CEO of Mudrex, indicates strong investor confidence. “Currently, Bitcoin’s resistance stands at $83,700, while the support remains at $75,000,” he said.

 

Among other popular cryptocurrencies, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, traded lower by 3.77 per cent at around $1,548.00.

 

Ripple (XRP), on the other hand, was trading higher by 1.35 per cent, followed by Binance Coin (BNB), which experienced a 0.79 per cent rise. Solana (SOL) was trading higher by 0.42 per cent.   

Meanwhile, the US dollar-linked stablecoin Tether traded at $0.9993, down 0.04 per cent.