Bitcoin prices have been turbulent over the past two months. At least, that’s the immediate takeaway, when one reviews recent price action with the top cryptocurrency by market cap. Binance is a great resource for obtaining price information and charts on anything from top gaining coins to the newest launched digital assets.
Using this tool, we can see that, after experiencing a strong wave of price appreciation during late 2024 and early 2025, Bitcoin prices began to pullback in late January. This sell-off continued into February, and while news related to the formation of a U.S. Strategic Bitcoin reserve drove a short-lived rally at the start of March, the impact of tariff news on equities spilled over into the crypto market.
This led to a renewed sell-off, resulting in Bitcoin briefly falling below $80,000 for the first time since November. However, as the stock market has started to bounce back, so too has BTC. If Bitcoin prices could soar back the $90,000 mark, it could give way to an additional recovery.
Bitcoin, Recent Volatility, and the Importance of the $90,000 Price Level
Currently trading at around $87,000, clearing the $90,000 price level hurdle is well-within reach for Bitcoin, especially given the latest tariff-related news. While the initial news regarding President Trump’s proposed tariffs scared the market out of “risk-on” assets like Bitcoin, subsequent developments are having the opposite effect.
The recent rebound in both stock and Bitcoin prices has been driven largely by the President and his administration softening their tone. Now, with the President himself stating that forthcoming tariffs will “probably be more lenient than reciprocal,” the market continues shifting towards the view that these tariffs will have less of an impact on economic activity than initially feared. The rebound may be the initial stretch of a “relief rally,” that carries on into April.
As Cointelegraph recently reported, seasoned crypto traders believe that if Bitcoin rises above the $90,000 mark once again, this will set a new level of price support. In turn, this could help BTC continue to rally back towards its prior high water mark. However, even if there’s a catalyst at play that could enable it, something (or someone) could impact the changes that this bullish scenario plays out.
A Possible ‘Spring Spoiler’
For years, a large individual or group of traders, known as “Spoofy the Whale,” have profited from “spoofing” the Bitcoin market, or engaging in market manipulation by placing large buy or sell orders that are not executed.
So, how does this mystery trader play a role in the current price action of Bitcoin? According to some technical traders, “Spoofy’s” antics are what is preventing BTC from crossing the $90,000 mark again.
Given the nickname, this factor may seem silly, but its potential impact on Bitcoin going forward is no joke. It’s unclear how long this trader could deep Bitcoin at sub-$90,000 prices, but according to some traders, if the manipulation persists, not only could it stymie a further rally.
If Bitcoin fails to re-hit $93,000, or what the crypto opened at on January 1, 2025, it may result in a further pullback for the popular cryptocurrency. The situation with this possible “spring spoiler” goes to show how both fundamentals and technicals can play a role in cryptocurrency price action.
Additional Factors May Determine Where Bitcoin Heads From Here
Given how “Spoofy” may be powerful enough to counter the recent wave of more promising tariff-related news, it may take additional positive factors to emerge, in order for Bitcoin to carry on its rally in the coming month.
For example, further news regarding the Trump administration and/or Congress’s efforts to implement a cryptocurrency regulatory regime could bode well for Bitcoin prices. A continued broad market rally, which like the prior sell-off could spill over in the crypto market, could also serve as a second strong catalyst for Bitcoin.
In turn, this may enable the crypto to overcome “Spoofy,” make a return to the $90,000 price level, and proceed with a further rally back to prior highs.
