Despite global markets being hit hard by escalating trade wars, Bitcoin (BTC) has demonstrated its resilience in recent days. On Friday, China retaliated against U.S. tariffs, causing a sharp dip in major stock indexes such as the S&P 500, Dow Jones Industrial Average, and Nasdaq composite. However, Bitcoin price surged towards $84,000, seeing a 22% increase in its 24-hour trading volume to reach approximately $42 billion on Saturday during the mid-London session. [
This rise comes as analysts warn of a potential recession due to global trade disruptions. JPMorgan Chase & Co. expects real GDP contraction this year, predicting a negative growth rate of -0.3%, down from 1.3% previously.
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While the ongoing geopolitical uncertainties fuel Bitcoin’s appeal as a hedge against economic volatility, long-term investors are also contributing to increased BTC accumulation. According to on-chain data analysis by Intotheblock, large transaction volume has soared by $136 billion in the past seven days. Meanwhile, the supply of BTC held on centralized exchanges has decreased from 2.22 million on March 18th to roughly 2.19 million on April 5th.
The technical analysis suggests that Bitcoin is nearing a major price consolidation phase after several weeks of correction. Veteran trader Matthew Dixon predicts a significant price drop towards $70,000 before a rally toward $85,000 and $92,000.
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Matthew Dixon’s prediction on Twitter:
#BTC has been nothing short of resilient in the face the tariff induced, 3rd biggest points drop in history for the #DowJones
BUT don't be complacent as -ve risk is real, with the likelihood of a 3rd wave of 3rd wave down for $BTC next week possibly targeting low $BTC 70k area. pic.twitter.com/5RGtLYzvLQ— Matthew Dixon – Veteran Financial Trader (@mdtrade) April 5, 2025
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