Bitcoin price caught an unexpected bid by rallying to a session high at $88,500, but will the price gains be capped at a multimonth overhead resistance that is aligned with the 50-day moving average? Key points:Bitcoin extended its April.1 gains as news that the Trump administration had not finalized its “Liberation Day” tariffs emerged. Israel, Mexico and India have already rolled back their tariffs on US imports or suggested that they will not do “tit for tat” tariffs in response to the expected April 2 US tariffs. Bitcoin (BTC) trades slightly below a 3-month descending trendline resistance where the price has consistentlybeen rejected during past rallies. Total market liquidations over the past 12-hour trading period have reached $145 million, with $69.4 million of the figure being Bitcoin shorts. Data from Kingfisher, CoinGlass and Velo show short liquidations playing a role in today’s push above $88,500. Crypto market liquidations in the past 12-hours.Source.
Source: ArkhamIn the short-term, sustained spot buy volume at Binance and Coinbase Pro, and the crypto and equities markets’ response to President Donald Trump’s “Liberation Day” tariffs are likely to be the most impactful factors that will influence the current bullish momentum seen in Bitcoin price. Related: Bitcoin price on verge of breaking 10-week downtrend — Is $90K BTC next?
Looking beyond futures markets, there are some positives that suggest that the market structure is slowly transitioning from bearish to bullish. As shown in the chart below, recent rallies were accompanied by a strong bid in the spot market and the return of the Coinbase Pro premium, leading some analysts to speculate buying from Strategy and other companies focused on building Bitcoin reserves. Coinbase premium index.
The story "Bitcoin rally to $88.5K obliterates bears as spot volumes soar — Will a tariff war stop the party?" has 352 words across 14 sentences, which will take approximately 2 - 3 minutes for the average person to read.
Which news outlet covered this story?
The story "Bitcoin rally to $88.5K obliterates bears as spot volumes soar — Will a tariff war stop the party?" was covered 1 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 22 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
