Bitcoin may have bottomed and could rebound toward $90,000 after US President Donald Trump signaled a willingness to ease tariffs and the Federal Reserve resisted short-term pressure last week, according to a crypto analyst.“Bitcoin is attempting to form a bottom, supported by Trump’s recent shift toward ‘flexibility’ on the upcoming April 2 reciprocal tariffs, softening his earlier rhetoric,” 10x Research’s founder Markus Thielen said in a March 23 report.
Source: 10x ResearchHe said these weekly reversal indicators have pulled back to levels where past bull markets have resumed, such as in September 2023 — spurred on by the Bitcoin exchange-traded fund narrative — and August 2024 as the US election neared.“In short, the technical backdrop has now reset to a point where a renewed uptrend could plausibly unfold.”Thielen also noted that several altcoins are already breaking out of their downtrend channels and trading at more “attractive levels.”Bitcoin is currently trading at $85,720, up 2.1% over the last 24 hours, CoinGecko data shows.
The Federal Reserve signaled in its March 18-19 meeting that it would also “look past short-term inflationary pressures, laying the groundwork for potential future easing,” Thielen added.“Powell’s mildly dovish tone suggests that the Fed's put remains intact, providing further support for a recovery in stock prices.”10x Research’s Bitcoin reversal indicators have turned bullish as a result, with Bitcoin’s (BTC) 21-day moving average now at $85,200, Thielen noted.
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Author / Journalist: Cointelegraph by Brayden Lindrea
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