Like other familiar hymns about the blood of Jesus (383, "0 Sacred Head" and 384, "When I Survey the Wondrous Cross") this text presents the blood of Jesus as a metaphor for Christ's atonement for our sin. That atonement gives "me strength from day to day" and "will never lose its power." Certainty about the efficacy of Christ's sacrifice (st. 1) "soothes [our] doubts and calms [our] fears" (st. 2) and helps us negotiate "the highest mountain" and "the lowest valley" in our experiences of life in Christ.
When we receive God’s pardon, we find ourselves at peace with him and at rest again. When the benefits of Christ are made ours, “They are more than enough to absolve us of our sins” and we need no longer look “for anything apart from him” (Belgic Confession, Article 22). We have “freedom from sin’s dominion” (Our World Belongs to God, paragraph 25) and we understand that we are “set free from all [our] sins and misery…” (Heidelberg Catechism, Lord’s Day 1, Question and Answer 2). We are “righteous before God and heir to everlasting life” (Heidelberg Catechism, Lord’s Day 23, Question and Answer 59).