Bitcoin price defied tariff-linked sour market sentiment to edge up on Thursday, signaling that the cryptocurrency market could soon embark on a reversal. The BTCUSD pair was at $83,474 after gaining 1.1% on the daily chart. Cryptocurrencies previously thrived in the pandemic era but their increasing integration with the mainstream financial markets have seen them lose that aura.
BTC briefly crossed above the $88k mark on Wednesday, ahead of US President Donald Trump’s tariff announcements, signaling a potential onset of a risk-on sentiment. Meanwhile US Treasury and other departments will disclose their crypto holdings on April 5.
That will paint a clearer picture of the size of the recently-created Strategic Bitcoin Reserve and Digital Asset Stockpile following an executive order by President Trump. That could inject fresh volatility in the market and provide additional propulsion for Bitcoin price in the coming days.
However, the existential threat for Bitcoin price is from potential retaliatory tariffs from nations greatly affected by Trump’s tariff measures, especially the European Union and China. That could escalate the risk aversion in the market and limit the upside for cryptocurrencies. On the flip side, the harsh tariff environment could weigh on the US dollar, especially if recession fears are confirmed in the coming weeks. Such a scenario could tilt the scale towards alternative value storage assets, including gold and Bitcoin.
Bitcoin Price Prediction
Pivot: Bitcoin Price pivots at $83,340 and action above that level favours the buyers to be in control. Otherwise, the momentum could shift to the downside.
Resistance: Primary resistance will likely be at $84,070. Breaking above that level will clear the path to test $84,960.
Support: The first support at $82,425. The upside narrative will be invalid if BTC price breaks below that level. An extended control by the sellers will take the action lower and could find the second support level at $81,385.
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