Bitcoin (BTC) approached $80,000 on April 8 as US stock markets saw a recovery, but ongoing tensions between China and the US limited BTC’s gains. Data from Cointelegraph Markets Pro and TradingView indicated a decrease in BTC price volatility while the S&P 500 and Nasdaq Composite Index rose by up to 4.3% in early trading. Despite fears of a crash reminiscent of 1987’s “Black Monday,” stocks continued to rebound, with trade tariffs between the US and China remaining a concern. US President Donald Trump mentioned in a post on Truth Social that China is eager to make a deal but is unsure how to proceed. Bitcoin supporters observed the yuan’s devaluation in response to tariffs as a potential driver for capital inflows into BTC. Arthur Hayes, former CEO of BitMEX, suggested that a weaker yuan due to China’s monetary policy could fuel a BTC rally. Additionally, the Federal Reserve could boost Bitcoin and risk assets by lowering interest rates to stimulate growth in response to inflationary pressures caused by tariffs. AllianceBernstein predicted 75 basis points of rate cuts in 2025, with markets expecting the first cut at the Fed’s June meeting according to CME Group’s FedWatch Tool. Traders are closely watching Bitcoin’s price movement, with the Fibonacci retracement level near $73,500 being a key support level. This level is crucial as it coincides with previous all-time highs, indicating potential price movements. Other important trend lines to watch include the 200-day simple moving average, a traditional bull market support line. This article provides insights into recent market trends and does not offer investment advice.