Daily market data review and trend analysis, produced by PANews.

Macro Market

U.S. stock market bulls rallied on the positive news of the ceasefire agreement, with the S&P 500 achieving its seventh consecutive day of gains , marking its longest winning streak since October 2025. The Dow Jones Industrial Average rose 0.58% to 48,185.80 points, the Nasdaq Composite gained 0.83% to 22,822.42 points, and the S&P 500 climbed 0.62% to 6,824.66 points. Bloomberg strategist Michael Ball stated that 6,800 points has become a key dividing line between bulls and bears, with the market struggling to balance positive headlines with potential skepticism.

Japanese and South Korean stock markets also rallied, with South Korea's KOSPI index surging over 2% at one point and Japan's Nikkei 225 index rising 1.86%, breaking through 57,000 at its highest point. The Chinese stock market also performed strongly, with the Shanghai Composite Index rising nearly 0.9%, returning to the 4,000-point mark after 14 trading days .

Geopolitically, the sustainability of the US-Iran ceasefire agreement remains uncertain . US President Trump called on Israel to reduce its attacks on Lebanon and warned Iran against charging tolls for ships passing through the Strait of Hormuz. Bradford Smith of Janus Henderson Investors points out that for the market, the only things that really matter are the durability of the ceasefire agreement and the volume of traffic in the Strait of Hormuz.

The upcoming March CPI data (expected to rise 0.9% month-on-month and 3.3% year-on-year) is like a ticking time bomb. Dominic Konstam of Mizuho Securities warned that if oil prices do not fall, expectations for interest rate cuts will be difficult to rebuild; Gregory Faranello of Amerivet Securities stated that a defensive stance must be taken before the CPI is released.

AI and the Stock Market

Tech stocks and large-cap growth stocks have once again become Wall Street's saviors, with major tech stocks fully recovering their wartime losses. Goldman Sachs TMT strategist Peter Callahan points out that investors generally believe the medium-term logic of AI is enough to outweigh geopolitical risks, and current price action is confirming this assessment.

Amazon was undoubtedly the brightest star of the day, with its stock price surging 5.6% in a single day, marking a strong return to positive territory year-to-date. In his shareholder letter, CEO Andy Jassy revealed that AWS AI business annualized revenue has exceeded $15 billion, and revenue from its self-developed chips is expected to surpass $20 billion, significantly boosting market confidence in AI infrastructure. ( Related reading : Pichai's 10-year tenure as Google CEO: Lows, Turnarounds, and Regrets )

The chip sector performed strongly, with the Philadelphia Semiconductor Index surging 2.1% to 8689.533 points, setting a new all-time high. Google's announcement that it would use Intel's latest generation Xeon 6 processors for AI training directly drove Intel's stock price up by nearly 5%.

However, the AI sector showed divergence, with software stocks and semiconductor stocks performing at a 15% difference. Anthropic delayed the release of its powerful AI model due to potential cybersecurity vulnerabilities, raising concerns about systemic risks in the AI market; OpenAI also suspended its "Stargate" project in the UK due to energy costs and regulatory pressure, despite its projected total revenue of up to $100 billion by 2030.

Bitcoin price

Bitcoin reached a high of $73,000 yesterday, but quickly returned to the $72,000 trading range. Today, 27,000 BTC options are settling, with a notional value of $1.94 billion, and the biggest resistance level is locked at $69,000. Greeks.live researcher Adam cautions that despite this week's rebound, various indicators still exhibit strong bearish characteristics, and market sentiment remains volatile, with bulls and bears vying for dominance. Whether Bitcoin can stabilize before the CPI data release remains uncertain.

Bearish view

The core logic of the short sellers is that the accumulation of highly leveraged long positions brings a great risk of liquidation, and historical data shows that the current range of fluctuations is very likely to trigger a deep correction.

Analyst LP warns that on lower timeframes, highly leveraged long positions are accumulating heavily in the $69,000 to $70,000 range. A break below this area could easily trigger a sell-off, sending prices down to $67,000 or even $65,000.
Trader Killa pointed out that the main players have been distributing their shares within the trading range over the past eight months. If the price fails to hold above $73,000, it will likely retrace to $68,000, or even fill the CME gap.
Analyst Ardi stated that Bitcoin has accumulated $135 million and $90 million in liquidation funds around 74.9K and 66.2K respectively, and the market makers are very likely to first liquidate short positions upwards and then wipe out the long positions downwards.

bullish view

The bulls firmly believe that on-chain tokens are undergoing a deep turnover and restructuring, and that the inflow of macro funds and technical breakthroughs will propel Bitcoin toward higher goals.

CryptoQuant's research director believes that as long as the ceasefire agreement is maintained, Bitcoin's next key target will be $79,000.
On-chain analytics platform Santiment points out that compared to US stocks and gold, cryptocurrencies still have huge upside potential, and Bitcoin's MVRV data indicates a strong bullish signal.
Analyst Sykodelic emphasized that the current range structure has undergone a qualitative change, with the price successfully recovering the 50-day moving average. As long as the daily closing price is above $72,500, the target of the previous high of $76,000 is just around the corner.

Ethereum price quotes

Despite a strong surge in Ethereum on April 7th, it has been steadily declining in recent days, gradually approaching its 50-day moving average (EMA). Today, 151,000 ETH options are settling, with a notional value of $330 million, and the biggest resistance level is around $2050.

On-chain data shows that Ethereum is in a historically severely undervalued zone. The Capriole Macro Index has fallen to a rare extreme of -2.42, historically accurately predicting Ethereum's macro bottoms multiple times. Glassnode data shows that the SOPR indicator has dropped to 0.96, indicating panic selling by investors. The MVRV Z-score has entered a historical accumulation zone, and the MVRV pricing band ($1880) has formed solid support. In the short term, it may challenge the liquidity-intensive area of $2400 to $2600.

However, bearish pressure remains, and technical analysts warn that if Ethereum fails to hold the key psychological level of $2,000, where the 20-day and 50-day moving averages converge, the price will quickly slip to the next support level of $1,750. The intense battle between bulls and bears in the $2,250 to $2,300 range will determine Ethereum's short-term trend.

Market Dynamics

AI leader TAO suffered a major blow, plummeting nearly 20% in a single day, with its price crashing to $248. Analyst Ardi pointed out that TAO has formed a double-top pattern, with selling pressure increasing significantly. The price has retreated to the SMA 200 moving average and the previous range high, and $300 has turned from support into strong resistance. Behind the crash is Covenant AI's announcement of its withdrawal from the Bittensor network, accusing co-founder Jacob Steeves of dictatorship, suspending subnet emissions, removing administrative authority, and massively selling tokens.

Following a more than 90% plunge in $ ARIA yesterday, PARTI tokens plummeted 63% in the early hours of the morning. On-chain analyst Gorkeu, citing Arkham data, pointed out that Binance market maker Wintermute appears to have transferred a large number of tokens before the crash, a tactic similar to the liquidation of several projects last year. Meanwhile, RAVE tokens surged 232% in 24 hours. On-chain data shows that addresses suspected to be associated with the project deposited 18.58 million RAVE tokens into Bitget before the surge, profiting over ten million US dollars.

Furthermore, privacy coin ZEC has surged over 120% this month, jumping 50% in just days after a macroeconomic breakout. Ali Charts suggests ZEC could reach $440, and analyst Altcoin Sherpa states that ZEC has been consolidating at the bottom for two months and could potentially challenge $500 if Bitcoin stabilizes. Meanwhile, related privacy coins have also seen a rally, with DASH rising 18% and ZEN increasing 12%.

Key data (as of 13:00 HKT, April 10)

(Data source: Coinank, Upbit, SoSoValue, CryptoBubbles)

Bitcoin ETF: +$358 million
Ethereum ETF: +$85.1861 million
Fear of Greed Index: 16 (Extreme Fear)
Upbit 24-hour trading volume rankings: BTC, XRP, ETH, CFG, TAO
Sector Performance: Crypto sectors generally rebounded, with only AI and GameFi sectors experiencing slight declines.

24-hour liquidation data: A total of 105,485 people worldwide were liquidated, with a total liquidation amount of $295 million, including $129 million in BTC liquidations, $42.17 million in ETH liquidations, and $11.82 million in ZEC liquidations.

Today's Outlook

Binance will delist four spot trading pairs, including BNB/TUSD, on April 10.
Binance will delist the WAN leveraged trading pair on April 10.
Iran accepted Pakistan's two-week ceasefire proposal, and negotiations between Iran and the United States will begin on April 10.
Linea (LINEA) will unlock approximately 1.38 billion tokens, worth about $4.5 million, on April 10.
Babylon (BABY) will unlock approximately 612 million tokens, worth about $7.8 million, on April 10.
io.net (IO) will unlock approximately 11.31 million tokens, worth about $1.3 million, on April 11.
US March core CPI year-on-year: Previous value 2.7%, expected 2.5% (April 10, 20:30)
US March CPI year-on-year: Previous value 3.4%, expected 2.4% (April 10, 20:30)

The top 100 cryptocurrencies by market capitalization with the largest gains today are: Siren up 26%, Monad up 21.1%, Dash up 17.7%, Zcash up 15.2%, and Ethena up 11.5%.

One whale went long on ZEC after it fell to $509.5 and is currently showing a profit of $1.51 million.

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