Will Today’s Bitcoin Price Bounce Start a Long-Term Uptrend?
With a 34% increase in daily trading volumes, the price of bitcoin has recovered from its lowest point of less than $75,000. It is currently trading 6.08% higher than $82,000 levels. This occurred as a result of President Donald Trump delaying the imposition of tariffs on some countries by 90 days, which caused the Nasdaq index to rise by 10%. As investors look past tariffs in the hopes of a further surge, rumors of a Bitcoin bottom formation are already circulating.
Is the Uptrend in Bitcoin Price Verified?
The rise out of its last trading channel was highlighted by cryptocurrency analyst Ali Martinez as a possible breakout for Bitcoin. According to Martinez, if the price of Bitcoin stays above the crucial support levels of $80,700, it will next stop at $84,000, with an additional upside potential to $87,000.
The market is becoming more optimistic, and traders are keeping a careful eye on whether Bitcoin can sustain its momentum above important support zones.
Rekt Capital, a well-known cryptocurrency analyst, has also noted that Bitcoin is only 2% away from retesting its downward trend, suggesting a possible breakthrough into a new technical upswing.
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 Bounce has been between two critical Bull Market Exponential Moving Averages (EMAs)
According to the expert, the 21-week EMA (shown in green) is currently at about $86,500 this week and is continuously falling, signaling lower price levels. According to Rekt Capital, Bitcoin may be able to emerge from its consolidation period under the favorable conditions created by this EMA’s downward slope. Furthermore, prominent figures like Arthur Hayes think that a significant amount of Chinese capital is entering the Bitcoin market, which could act as an additional trigger.
Important On-Chain Bitcoin Metrics to Monitor
Investors should keep an eye on certain on-chain data even though the price of Bitcoin is indicating a potential turnaround.
CryptoQuant data shows that Binance’s Bitcoin reserves have significantly increased, with a recent influx of 22,106 BTC. Despite the continued macrouncertainty and the impending Consumer Price Index (CPI) announcement, the study shows a significant increase in Bitcoin inflows to the exchange.
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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