“The Black Monday Hoax is over,” said White House crypto czar David Sacks in an X post on April 8 as Bitcoin claws its way back toward $80,000.
The rebound follows a chaotic week triggered by President Donald Trump’s “Liberation Day” tariff announcement, which proposed sweeping import taxes — including a 50% duty on Chinese goods — unless Beijing rolls back its 34% retaliatory tariffs. China, in response, vowed to “fight to the end,” fueling fears of a renewed trade war.
Markets reacted violently. Over $5 trillion was wiped from equities, and Bitcoin plunged to a five-month low of $74,604 on April 7. Headlines labeled it another “Black Monday” — but according to Sacks, that panic was short-lived.
Bitcoin resilience
As of press time, Bitcoin (BTC) is trading at $79,939.51, just a hair below the critical $80,000 level. It’s up 0.9% in the last 24 hours, signaling a strong bounce as risk appetite cautiously returns.
Crypto investors and analysts have been closely watching Bitcoin’s price action amid the macro uncertainty. Despite the fear, many see the tariff war as another tailwind for decentralized assets. As governments weaponize currencies and global capital flows get disrupted, Bitcoin’s apolitical and permissionless nature becomes more appealing.
The rally comes just days after legendary trader Peter Brandt pointed to $54,000 as a critical retracement zone, warning of a deeper pullback. But with BTC now clawing back toward $80K, bullish momentum may be returning faster than many expected.