Crypto Price Analysis 4-9: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, INTERNET COMPUTER: ICP, BITTENSOR: TAO, TONCOIN: TON

The crypto market resumed its downward trajectory after a brief recovery on Tuesday. Bitcoin (BTC) and other cryptocurrencies crashed on Monday thanks to tariff-induced uncertainties but recovered on Tuesday. 

However, the sector is back in the doldrums during the ongoing session, with the crypto market cap down over 2% at $2.45 trillion. BTC had rebounded to reclaim $80,000 on Tuesday but lost momentum after reaching this level and fell to a low of $74,624 before rebounding to its current level. The flagship cryptocurrency is down over 2% in the past 24 hours and is trading at $77,277. 

Meanwhile, Ethereum (ETH) has dropped over 5% in the past 24 hours, losing the $1,500 mark again. ETH is trading at $1,480, falling over 21% during the past week. Ripple (XRP) failed to reclaim $2 and is down 2.56% and trading at $1.82, while Solana (SOL) has defined market trends, registering only a marginal decline to maintain its position above $100. Almost all cryptocurrencies are trading in the red, with Toncoin (TON), Cardano (ADA) , Chainlink (LINK) , Dogecoin (DOGE) , Stellar (XLM) , Hedera (HBAR) , Polkadot (DOT), and Litecoin (LTC) registering substantial declines. 

Crypto Market Dips Again 

Bitcoin (BTC) and other cryptocurrencies reflected significant losses on Wednesday as bearish sentiment returned to the markets. Momentum and recovery slowed after President Trump imposed additional levies on China after the latter refused to lift reciprocal tariffs on the US. China now faces levies and tariffs of 104% after Trump’s latest announcement. According to analysts at CoinDXC, the decision has fueled uncertainty among investors, leading to a decline in BTC and other risk assets. 

“The US increased the tariff rates to 104 percent on China, which fueled the uncertainty among the market participants, as expected. Bitcoin price slumped hard and is about to drop below $75,000 for the second time this week, raising alarms over the entire crypto market. Market sentiments become extremely fearful, hinting towards a potential bear market.”

Ethereum (ETH) fared worse as the world’s second-largest cryptocurrency fell almost 6% during the current session. ETH has slipped below $1,500 and currently trades at $1,475. 

“ETH has been trading in a downtrend over the past four months, plunging nearly 65 percent and making a recent low of $1,411 and has formed a ‘Spinning Top' candle, indicating indecision in the trend. The asset's key support level is $1,500.”

World Liberty Financial Offloads $8M In ETH Amid Mounting Losses 

The Trump-backed World Liberty Financial is offloading significant quantities of ETH after suffering losses as its price plunged below $1,500. Data from LookOnChain shows a wallet linked to WLFI sold 5,471 ETH, worth around $8 million for $1,465 per coin. The sale is a significant loss for WLFI, which had spent $210 million to acquire 67,498 ETH at an average price of $3,259 per coin. The firm is sitting on an unrealized loss of roughly $125 million at current prices. 

“Has Trump's World Liberty started selling ETH at a loss? According to Arkham, a wallet possibly linked to World Liberty sold 5,471 ETH ($8.01M) at $1,465 30 minutes ago. World Liberty previously spent ~$210M to buy 67,498 ETH at an average price of $3,259 and is now sitting on a loss of ~$125M.”

The company has continued to expand its product lineup despite mounting losses. WLDI confirmed the launch of USD1 on March 25. USD1 is backed 1:1 by cash, short-term US Treasuries, and equivalents and is live on Ethereum and BNB Chain. There are plans to add it to more networks. 

Strategy May Sell Some Bitcoin To Cover Debt 

Michael Saylor’s Strategy, the largest corporate holder of BTC, may have to sell some of its holdings to meet financial obligations. The company disclosed in a regulatory filing on April 7 that if it fails to secure financing through equity or debt, it may sell some of its BTC to meet its financial obligations. BTC’s price significantly impacts Strategy’s ability to settle its debts since most of the company’s assets are in Bitcoin. Strategy expects to report an unrealized loss of $6 billion in Q1 despite a $1.69 billion tax benefit. The company faces significant financial pressure with a debt of $8 billion. It must make $35 million in interest payments and $150 million in yearly dividends. Strategy’s software business has not generated enough revenue to support these obligations. 

With the recent price decline, Strategy could be forced to sell its BTC at a significant loss. However, Wu Blockchain pointed out the company had issued similar warnings in past filings as part of standard risk disclosure practice. 

“The rumor has it that Strategy filed an 8-K form with the SEC on April 7, stating that if the price of Bitcoin continues to fall, the company may be forced to sell its Bitcoin holdings to repay debts. It was found that this statement is a standard risk disclosure practice, and it also appears in the 10-Q report for Q1 2024 and reports for 2023 and earlier, and is not a special case.”

Strategy has announced plans to raise $2.1 billion through the sale of perpetual preferred stock. The funds will be used to support operations and purchase more Bitcoin. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) dipped below $75,000 yet again today, thanks to trade war jitters. Global markets went into a tailspin thanks to heightened trade tensions after President Donald Trump imposed 104% tariffs on Chinese goods. The new tariffs took effect on April 9. The renewed friction between the world’s largest economies triggered volatility across markets, including crypto, as prices nosedived. Opinions about tariffs and their impact on BTC differ, with some predicting a bigger decline while others claim they will be beneficial in the long run. 

BTC’s crash to $74,000 left traders speculating if it had hit a bottom. However, a CMT-certified analyst has suggested a deeper correction is on the cards, identifying the $38,000 - $42,000 range as the final bottom. Analysts have also pointed to BTC’s price chart. BTC formed a death cross on Sunday/Monday when the 50-day SMA dipped below the 200-day SMA. The chart pattern is considered a bearish sign, suggesting that a potential downturn could be around the corner. 

Meanwhile, others have suggested Trump’s tariffs could be beneficial for BTC in the long run. Analysts believe BTC could become the preferred reserve asset if the US Dollar continues to decline and lose credibility as a reserve asset. Analysts believe BTC could see a spectacular rally at the height of the trade war. Binance CEO Richard Teng believes BTC could recover despite recent risk-off sentiment. He noted that while short-term macro uncertainty has led investors to pull back, BTC holds tremendous recovery potential. Teng added that BTC’s recovery potential is tied to long-term holders who view it as a resilient asset during economic turmoil. 

“This environment could also accelerate interest in crypto as a non-sovereign store of value. Many long-term holders continue to view Bitcoin and other digital assets as resilient during periods of economic stress and shifting policy dynamics.”

Matt Hougan, Chief Investment Officer at Bitwise, echoed Teng’s sentiments, basing his arguments on a speech by Steve Miran, Chairman of the White House’s Council of Economic Advisors. Miran spoke about the effect of the US Dollar’s global reserve role and how it contributed to trade deficits. He also added that the demand for the US Dollar distorted currency markets. Hougan believes Miran is calling for the USD to drop lower, which could benefit BTC. 

“In the short term, I expect dollar weakness to be good for bitcoin. My sense is that we will move from a single reserve currency (the Dollar) to a more fractured reserve system, with hard money like bitcoin and gold playing a bigger role than it does today.”

BTC continued to endure volatility this week as uncertainty gripped the market. The flagship cryptocurrency has faced significant selling pressure since the weekend and fell to multi-month lows on Monday. BTC registered a marginal increase last Monday, starting the week positively. Bullish sentiment intensified on Tuesday as BTC rose over 3%, moving past $85,000 and the 20-day SMA and settling at $85,152. BTC surged to an intraday high of $88,624 on Wednesday as bullish sentiment intensified. However, it lost momentum after reaching this level and dropped over 3%, sleeping below $85,000 and the 20-day SMA and settling at $82,525. BTC recovered on Thursday to register an increase of almost 1%. Buyers retained control on Friday as the price registered a marginal increase and settled at $83,828.

Source: TradingView

However, sentiment changed on Saturday, with BTC registering a marginal decline and settling at $83,423. Bearish sentiment registered a substantial increase on Sunday as BTC plunged over 6%, slipping below $80,000 and settling at $78,301. BTC faced significant volatility on Monday thanks to uncertainty and rumors about tariffs. As a result, the flagship cryptocurrency fell to a low of $74,393 before surging past $80,000 and settling at $79,164, ultimately registering an increase of just over 1%. However, markets tanked again on Tuesday, with BTC dropping almost 4% and settling at $76,283. The current session sees BTC marginally up and trading at $77,487. Buyers will look to retain control and push the price towards $80,000. On the other hand, if sellers retake control, BTC could drop to $75,000. A break below this level could drive the price to $70,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has registered a substantial increase this week as it plunged below $1,500. The world’s second-largest cryptocurrency shows signs of bullish exhaustion, with the price down over 21% this week and 65% over the past three months. The pace of ETH’s downtrend has left analysts wondering if a market bottom is approaching. ETH’s current price action mirrors a pattern seen in 2018 and 2022 when ETH saw significant rallies followed by sharp breakdowns and a prolonged bear market. Currently, ETH has dipped below $1,500, and its RSI is well into the oversold zone. While there is room for a further decline, analysts are convinced ETH is in the final leg of its decline.

ETH started the previous week on a positive note, registering an increase of almost 1% and settling at $1,822. Bullish sentiment intensified on Tuesday, with the price registering an increase of nearly 5% and moving to $1,905. However, ETH lost momentum after reaching this level and dropped almost 6%, slipping below $1,800 and settling at $1,794. Despite the selling pressure, ETH recovered on Thursday, registering an increase of 1.26% to reclaim $1,800 and settling at $1,817. ETH lost momentum on Friday as it registered a marginal decline.

Source: TradingView

Price action remained bearish on Saturday as ETH registered another marginal decline and settled at $1,805. Selling pressure registered a substantial uptick on Sunday as ETH plunged nearly 13%, settling at $1,580. Sellers retained control on Monday as the price dropped below $1,500, falling to a low of $1,412. However, it rebounded from this level to reclaim $1,500 and settle at $1,552. Selling pressure intensified on Tuesday as ETH fell over 5%, slipping below $1,500 and settling at $1,472. The current session sees ETH down over 1% and trading at $1,455. If analysts are right ETH could drop to a low close to $1,000 before rebounding. The MACD and RSI indicate sellers have the upper hand, and the price could decline further.

Solana (SOL) Price Analysis

Solana (SOL) could slip below $100 if it stays on its current price trajectory. The cryptocurrency is down 18% over the past week and could drop lower if current trends continue. SOL experienced a substantial drop from $122 to $95 between April 5-7 before recovering to reclaim $100. Solana whales unstaked and dumped significant holdings, driving the SOL price into freefall. The chart shows SOL trading in a downward trajectory, with support present around $95.

SOL started the previous week on a relatively quiet note, registering a marginal decline. The price recovered on Tuesday, registering an increase of almost 2% and settling at $126. The price surged to an intraday high of $135 on Wednesday as bullish sentiment intensified. However, SOL lost momentum after reaching this level and dropped over 7%, slipping below $120 and settling at $117. Sellers retained control on Thursday as SOL registered a marginal decline. Friday saw the price recover, rising almost 5% to reclaim $120 and settle at $122.

Source: TradingView

However, price action turned bearish over the weekend, with SOL dropping almost 2% on Saturday and settling at $120. Selling pressure intensified on Sunday, with the price dropping over 12%, slipping below $120 and settling at $105. SOL experienced volatility on Monday thanks to growing market uncertainty and fell to a low of $95.The price rebounded from this level to reclaim $100 and settle at $106, ultimately registering an increase of over 1%. However, price action turned bearish on Tuesday as the price dropped 1.56% to $105. The current session sees SOL down almost 2% and trading at $103, with sellers looking to drive the price below $100.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) is down almost 16% over the past week, with selling pressure intensifying over the past few sessions. The popular meme coin is struggling to build momentum and push back above $0.150. DOGE registered a marginal increase at the beginning of last week and then rose almost 5% on Tuesday to settle at $0.174. However, DOGE lost momentum after reaching this level and dropped nearly 6% on Wednesday after failing to move past the 20-day SMA and settled at $0.164. Sellers retained control on Thursday, with the price registering a drop of 1.34% and settling at $0.162. Price action turned bullish on Friday as DOGE registered an increase of over 5% and settled at $0.171.

Source: TradingView

Sentiment changed over the weekend, with the price dropping 1.58% on Saturday and settling at $0.168. Bearish sentiment intensified on Sunday as DOGE plunged over 11%, slipping below $0.150 and settling at $0.148. DOGE plunged to an intraday low of $0.129 on Monday as sellers retained control. However, the price rebounded from this level to register a marginal increase and settle at $0.149. Buyers lost momentum on Tuesday, allowing sellers to take over. As a result, DOGE fell over 5% and settled at $0.141. The current session sees DOGE up over 2% and trading at $0.144 as buyers look to reclaim $0.150.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) has been trading downwards since March 26, when it failed to move past the 50-day SMA. ICP started the previous week on a bullish note, registering an increase of almost 1% on Monday. The price continued to push higher on Tuesday, rising over 2% and settling at $5.42. However, it lost momentum on Wednesday and dropped almost 8% to $5.01. ICP recovered on Thursday despite overwhelming selling pressure, rising 2.59% and settling at $5.14. The price was back in the red on Friday, dropping 1.56% and settling at $5.06.

Source: TradingView

Price action remained bearish over the weekend as ICP registered a marginal decline on Saturday. Bearish sentiment intensified on Sunday as ICP plunged over 9%, slipping below $5 and settling at $4.58. The price fell to an intraday low of $4.18 on Monday before recovering to reclaim $4.50 and settling at $4.63. ICP was back in the red on Tuesday, registering a marginal decline. The current session sees ICP down 1.52% and trading at $4.55.

Bittensor (TAO) Price Analysis

Bittensor (TAO) registered a sharp decline on Monday but recovered on Tuesday, rising almost 4% to $231. However, it lost momentum on Wednesday, dropping nearly 8% and settling at $213. Buyers returned to the market on Thursday as the price recovered, registering an increase of 1.02% and settling at $215. Price action remained positive on Friday as TAO rose over 2% and settled at $220.

Source: TradingView

Bearish sentiment returned over the weekend, with the price registering a marginal decline on Saturday. Selling pressure intensified on Sunday as TAO plunged over 17%, slipping below $200 and settling at $183. Monday saw TAO plunge to a low of $167 as selling pressure persisted. However, the p[rice rebounded from this level to register an increase of over 11%, reclaim $200 and settle at $204. TAO was back in the red on Wednesday as the price dropped almost 5%, slipping below $200 and settling at $194. The current session sees TAO marginally down as buyers and sellers struggle to establish control.

Toncoin (TON) Price Analysis

Toncoin (TON) has traded primarily in the red since Tuesday after failing to consolidate over $4. Bearish sentiment intensified on Wednesday as the price fell almost 6%, slipping below $4 and settling at $3.83. Sellers retained control on Thursday as TON dropped over 6%, falling below the 20-day SMA and settling at $3.59. Selling pressure persisted on Friday with the price falling below the 50-day SMA after a drop of 5.16% and settling at $3.40.

Source: TradingView

Price action remained bearish over the weekend, with TON dropping 4.58% and settling at $3.24. Bearish sentiment intensified on Sunday as TON dropped over 10%, slipping below $3 and settling at $2.91. TON recovered on Monday despite the overwhelming bearish sentiment, registering an increase of over 6% and settling at $3.10. However, TON was back in the red on Tuesday, dropping over 4% and settling at $2.97. The current session sees TON marginally down as buyers and sellers struggle to establish control. Buyers will look to retake control and drive TON back above $3. On the other hand, sellers will look to drive the price lower.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.