Bitcoin Chopped Between $84,000 and $85,000

Leading cryptocurrencies remained flat on Monday

Leading cryptocurrencies remained in flat territory on Monday, while stocks rose following President Donald Trump’s respite on tariffs for technology products.

What Happened: Bitcoin price moved in a limited range between $84,000 and $85,000. The apex cryptocurrency set an early morning peak of $85,785.00.

The second-largest cryptocurrency, Ethereum, showed little change and traded in the $1,600 range, keeping investors waiting for an upside breakout to $1,700.

The two crypto heavyweights displayed divergent trends this month. While Bitcoin had risen 2.58% since the beginning of April, Ethereum experienced a decline of 11% over the same period.

Over $213 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets accounting for $120 million.

Bitcoin’s Open Interest increased by 0.53% in the last 24 hours, aligning with its spot price movement. Meanwhile, the Long/Short Ratio on Binance dropped further, suggesting higher hopes for a downside breakout.

The market mood remained in "Fear," according to the Crypto Fear and Greed Index, although the intensity decreased from Sunday.

Top Gainer (24-Hours)

Cryptocurrency Price 24H % Change (Last 24 Hours)

Bitcoin $84,387.00 0.18%

Top Losers (24-Hours)

Cryptocurrency Price 24H % Change (Last 24 Hours)

Polygon $1.10 -2.64%

Aave $48.74 -1.33%

The global cryptocurrency market capitalization now stands at $2.68 trillion, following a slight decrease of 0.18% in the last 24 hours.

The latest spike followed Trump’s decision to exempt consumer electronics and semiconductors, including those from China, from reciprocal tariffs, offering temporary relief to tech giants like Apple Inc. AAPL and Nvidia Corp. NVDA.

Stocks rose during Monday’s trading session. The Dow Jones Industrial Average increased by 312.08 points, or 0.78%, to close at 40,524.79. The S&P 500 also rose, gaining 0.79% to reach 5,405.97, while the tech-focused Nasdaq Composite increased by 0.64%, closing at 16,831.48.

The market reacted positively to Trump’s decision to exclude technology products such as smartphones, computers, and semiconductors from the new reciprocal tariffs, which also targeted goods from China.

However, Commerce Secretary Howard Lutnick later clarified that these electronics exemptions are temporary, and further tariffs may follow soon.

See More: Best Cryptocurrency Scanners

Analyst Notes: In a note to Benzinga, Chris Kline, COO and co-founder of BitcoinIRA, pointed out that Bitcoin was displaying strength in the market, and its price action around $85,000 has brought back discussions of a "proper decoupling" from stocks.

Kline further highlighted taxes and tariffs.

"While tax season is upon us, most Americans are focused on tariffs," he added. "The reality is that this new policy from the administration is poised to maximize external revenue sources, which will allow a new tax structure for most Americans in 2025."

According to widely followed cryptocurrency analyst Ali Martinez, a crucial support level for Bitcoin is at $82,024, where over 96,500 BTCs were previously bought.

"A level worth watching closely," Martinez mentioned in a recent post.

Most critical support for #Bitcoin sits at $82,024, where 96,580 $BTC were previously accumulated. A level to observe closely!

— Ali Martinez (@ali_aj_martinez) April 16, 2023