Bitcoin price has bounced back from the lows of under $75,000 and is currently trading 6.08% up above $82,000 levels with 34% surge in daily trading volumes. This comes as President Donald Trump delayed tariff implementation by 90-day on several nations, leading to a sharp 10% upside print in the Nasdaq index. Chatters of BTC bottom formation are already in as investors look beyond tariffs with hope of further rally.
Is Bitcoin Price Uptrend Confirmed?
Highlighting a potential BTC breakout, crypto analyst Ali Martinez pointed out the move out of its previous trading channel. Martinez stated that if Bitcoin price holds above the critical support levels of $80,700, it’s next stop would be at $84,000, with a further potential upside to $87,000.
Courtesy: Ali Martinez
This bullish outlook comes amid increasing optimism in the market, with traders closely monitoring whether Bitcoin can maintain its momentum above key support zones.
Similarly, prominent crypto analyst Rekt Capital has observed that Bitcoin is just 2% away from re-testing its downtrend, signaling a potential breakout into a new technical uptrend.
Source: Rekt Capital
This development has fueled optimism among traders, with many eyeing the possibility of a sustained bullish reversal. Besides, the analyst also noted that the Bitcoin price has been between two critical Bull Market Exponential Moving Averages (EMAs).
Source: Rekt Capital
According to the analyst, the 21-week EMA (represented in green) is steadily declining, indicating lower price levels, and currently stands at approximately $86,500 this week. Rekt Capital suggests that the downward slope of this EMA could create favorable conditions for Bitcoin to break out of its consolidation phase. furthermore, top leaders like Arthur Hayes also believes huge Chinese money coming to BTC which could provide additional catalyst.
Key On-Chain BTC Metrics to Watch
Although the Bitcoin price is showing signs of reversal ahead, investors should be vigilant of some on-chain metrics.
Data from CryptoQuant reveals a significant increase in Bitcoin reserves on Binance, with an influx of 22,106 BTC recorded recently. The report highlights a strong acceleration in BTC inflows to the exchange, amid the ongoing macro uncertainty and the upcoming announcement in Consumer Price Index (CPI).
Source: CryptoQuant
The broader crypto market including altcoins like Ethereum, have shown sharp rebound as the Nasdaq index printed 10% upside following Trump’s decision of a 90-day delay in tariffs.
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