Bitcoin Breaks the $83,000 Barrier as Crypto Market Rebounds
After a 8.6% surge today, Bitcoins price reached $83,430, following President Trumps announcement of a 90-day pause on reciprocal tariffs, which sparked a broad market rally not just in crypto but the stock market as well.
This surge also positively impacted other cryptocurrencies and crypto-related stocks. Ethereum (ETH) rose to around $1,650, while Solana (SOL) and XRP experienced double-digit percentage gains. Companies with significant crypto holdings, such as MicroStrategy and Coinbase Global, saw their stock prices increase by nearly 25% and 17%, respectively.
Analysts suggest that Bitcoins resilience amid stock market volatility indicates its potential decoupling from traditional financial markets. Some view Bitcoin as a hedge against unstable government and financial systems. In the past 24 hours $236.23 million were liquidated from the Bitcoin market $87.55 million in long positions and $148.68 million in shorts.
While the recent price surge has renewed optimism among investors, market analysts remain divided on Bitcoins future trajectory. Some predict a potential rise toward the $100,000 mark, while others advise caution due to ongoing economic uncertainties.
Despite the rebound, Bitcoins 1-day technical analysis from TradingView remains bearish with both the summary and moving averages pointing to sell with 10 and 9 signals, respectively.
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Text source: Coindoo
