Bitcoin and Ethereum saw sharp price fluctuations this week as global markets reacted to U.S. President Donald Trump’s announcement of reciprocal tariffs. The move sparked broad sell-offs across risk assets, including U.S. equities and cryptocurrencies, reflecting investor concerns over heightened geopolitical uncertainty.
Despite early week lows, Bitcoin rebounded to $81,815.88 after dipping below $77,000, posting a 0.74% 24-hour gain but still down 1.53% over the week. Ethereum, which briefly fell under $1,400, followed Bitcoin’s trajectory with a mild recovery.
According to on-chain analytics platform Glassnode, key support and resistance zones emerged based on cost basis distribution data. Between April 4 and 11, around 40,000 BTC transacted near the $79,000 mark, establishing a strong support level. Above this, a significant resistance band looms around $82,080, where 51,000 BTC changed hands.
Looking at Cost Basis Distribution, #Bitcoin has built notable support at $79K, with ~40K $BTC accumulated there. It has also worked through the $82.08K cluster (~51K $BTC). If this level holds, the next to test is $83.5K, with 48.5K $BTC positioned: https://t.co/YqeQ2uWJlV pic.twitter.com/9aE3UdsT2O
— glassnode (@glassnode) April 11, 2025
Bitcoin briefly breached this resistance on April 10, touching $83,000 before facing a quick rejection. Glassnode suggests that if the $82,080 level holds, the next key target is $83,500.
Crypto analyst Ali Martinez identified an even stronger resistance zone at $82,360, where over 324,000 BTC were last moved. He argues that a breakout above this threshold could propel Bitcoin toward $91,500, citing past price behavior and wallet activity.
#Bitcoin $BTC is slicing through key resistance at $82,360. A sustained breakout could open the door to $91,500. pic.twitter.com/atBu4JeeoV
— Ali (@ali_charts) April 11, 2025
Market analyst Maartunn added that Bitcoin’s open interest surged from $24.3 billion to $26.7 billion within hours — a 9.9% spike — signaling a rapid influx of leveraged positions. He warned this buildup could trigger swift, volatile moves.
Also Read: Vitalik Buterin Unveils Ethereum Privacy Roadmap for Enhanced User Anonymity
Ethereum’s price action was less volatile, with Glassnode data showing ETH range-bound between $1,548 and $1,599. Two key clusters in this zone, totaling over 1.5 million ETH, define current support and resistance. Below this, $1,461 emerges as a strong support zone, backed by the movement of 380,000 ETH.
As global tensions continue to influence market sentiment, these support and resistance zones will be critical in determining the short-term path for Bitcoin and Ethereum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
