The cryptocurrency market rose after Trump halted global tariffs, pushing the price of bitcoin past $82,000. With rising open interest and strong signals on the chain, the price of Bitcoin is now heading to $92K.
Bitcoin rose 8.33% to a 24-hour high of $83,565. Bitcoin is currently trading above $82,120, testing local resistance levels again. Could this lead to a breakout of the $92,000 level?
On the daily chart, Bitcoin’s price trend shows continuous upward momentum at the 50% Fibonacci level around $75,500.
With a sudden halt in Donald Trump’s tariff war, the price of bitcoin has surpassed $80,000. This rebound surpassed the 61.80% Fibonacci level at $81,855.
The completed bullish engulfing candlestick, which shows a rise of about 9%, shows a decline of almost 6% on Sunday. Currently, the daily chart reveals price rejection, with Bitcoin trading near USD$82,000.
As the bullish momentum continues, Bitcoin is having difficulty breaking through the upper resistance level. However, the possibility of further bullish momentum remains strong, holding above the 61.80% Fibonacci retracement.
The daily RSI, which is back halfway, supports this recovery and points to a decline in bearish pressure.
Based on Fibonacci levels, breaching above the trend line is likely to challenge the 78.60% retracement level at $91,780. However, a bearish reversal may cause the price to retest the 50% Fibonacci retracement near $75,500.
Bitcoin ETF outflows decline amid market recovery
After $326 million in outflows on April 8, Bitcoin spot ETFs in the US saw a slight decline in outflows. As of April 9, total daily net cash outflows stood at US$127.12 million.
Impact on Cryptocurrency Market after Trump Suspension of Tariffs
Former President Donald Trump’s recent announcement exacerbated existing trade tensions with China with additional tariffs, bringing total import duties to a staggering 125%. The controversial move had direct effects on the cryptocurrency market.
Immediately after Trump’s announcement, we saw a significant shift in the traditional and digital markets, resulting in notable gains. Stocks saw a big jump, with shares of Galaxy Digital up 18% soon after. In parallel, mining companies saw Bitcoin (BTC), including Riot Platforms and Marathon Digital, significant increases in their value.
Major cryptocurrencies were quick to reverse this optimism: the price of Bitcoin rose 5%, while the price of Ethereum (ETH) and Ripple (XRP) rose significantly by 13%. This rise highlights a renewed wave of investor confidence that the cryptocurrency market desperately needed amid previous volatility.
China responded strongly
China’s swift countermeasures were predictable, given the severity of the tariffs imposed. China retaliated firmly by increasing tariffs on US imports to a staggering 84%. In a show of force, Beijing also imposed restrictions on 18 U.S. companies, particularly in the defense sector.
Moreover, the Chinese government is preparing to increase tariffs, perhaps by an additional 50% on top of the currently planned increases. This marks a pivotal moment in the ongoing trade conflict between the United States and China, exacerbating the conflict.
In response, China’s Ministry of Finance expressed its displeasure, saying: “The US escalation of tariffs on China is a worsening mistake, which seriously violates China’s legitimate rights and interests, and severely undermines the rules-based multilateral trading system.”
Although these developments have caused uncertainty in many sectors, the cryptocurrency market has shown a good level of resilience, weathering the storm of geopolitical tensions.
Bitcoin derivatives rise amid widespread market optimism
With renewed optimism in cryptocurrency and global markets, interest in bitcoin derivatives has increased significantly. This is reflected in a 5% rise in Bitcoin’s open trading volume, which reached $54.69 billion.
The global market capitalization of cryptocurrencies rose to $2.6 trillion, recording a remarkable increase of 6.07% in 24 hours. This rise is not only a result of broader market dynamics, but a clear indication of a shift in investor sentiment towards riskier assets. This rally highlights a renewed wave of investor confidence that the cryptocurrency market desperately needed amid previous volatility.
So far, Bitcoin (BTC) is trading at $81,965.56, notching a strong gain of 5.54%, while Ethereum (ETH) is up nearly 9% to $1,610.03. Other noteworthy assets, including XRP and Solana (SOL), have also shown strength, each with gains of more than 8%.
Moreover, the Chinese government is preparing to increase tariffs, perhaps by an additional 50% on top of the currently planned increases. This marks a pivotal moment in the ongoing trade conflict between the United States and China, exacerbating the conflict.
Views from the cryptocurrency industry support this trend, with Binance CEO Richard Teng recently commenting on the evolving landscape, asserting that despite inevitable short-term volatility, assets like Bitcoin are poised to emerge more strongly under complex economic conditions.
“Many long-term investors still consider Bitcoin and other digital assets to be resilient during periods of economic tension and changing policy dynamics,” Teng emphasized. This perspective not only highlights investor sentiment, but also points to a potential paradigm shift regarding the role of cryptocurrencies in modern portfolios.
