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Bitcoin has felt the impact of the ongoing global tariff tensions, with little to no upward momentum. The asset appears to have paused its bull run, dampening investor expectations for a near-term recovery.
Currently trading just above $77,000, BTC has declined nearly 30% from its all-time high, including a 1.6% drop in the last 24 hours. Amid this, arecent insight from CryptoQuant contributor Onchained suggests that Bitcoin is nearing a significant threshold that could determine the asset’s next major direction.
Onchaineds latest analysis points to the convergence of Bitcoins spot price with its 2-Year Realized Price. This metric, derived from on-chain data, calculates the average acquisition cost of coins moved on the blockchain within the past two years.
This price band often serves as a meaningful support level, particularly in transition phases between bear and bull markets. Historically, Bitcoin maintaining price action above the 2-year Realized Price has signaled underlying strength among long-term holders.
Onchained noted that BTC has stayed above this line since October 2023, a sign of sustained investor confidence. If Bitcoin continues to hold this level, it may indicate the establishment of a new value floor, potentially setting the stage for renewed buying pressure.
The analysis adds that a bounce off this support zone could be interpreted as an influx of capital from investors seeing this price level as a strategic accumulation point. However, a breakdown below the 2-year Realized Price could trigger a deeper correction or a longer period of consolidation.
In a separate update, CryptoQuant analyst Darkfost highlighted a significant event that shook the derivatives market. On April 6, the largest Bitcoin long liquidation event of the current bull cycle occurred, wiping out roughly 7,500 BTC in long positions.
The liquidation marked the highest daily volume of forced long position closures since the bull market began. According to Darkfost, this event was largely triggered by rising volatility and uncertainty stemming from US economic policy concerns.
The biggest Bitcoin long liquidation event of this bull cycle
On April 6, approximately 7,500 Bitcoin in long positions were liquidated, marking the biggest single-day long wipeout of the entire bull run so far. By @Darkfost_Coc
Read more ??https://t.co/eqW2JE8TWD pic.twitter.com/IEthwRDRVz
CryptoQuant.com (@cryptoquant_com) April 9, 2025
In particular, fears around new tariffs under President Trumps administration have added pressure on global markets, including crypto. The analyst emphasized that such liquidation events serve as reminders of the risks associated with high-leverage positions during uncertain macroeconomic conditions. Darkfost wrote:
This is a clear reminder that we need to stay cautious during periods of rising volatility like today. This is the time to care and preserve your capital.
Featured image created with DALL-E, Chart from TradingView