Is Bitcoin (BTC) Forming a Bottom? Price Analysis and Insights
With global markets still in turmoil over the Trump tariffs, and the ongoing tit-for-tat punitive counter-tariffs between the US and China, Bitcoin may be forming a bottom after a more than 30% correction. Could a breakout take place soon?
Trump tariffs will be negotiated
On the one hand, things are looking bleak for Bitcoin as the economic and geopolitical environments remain uncertain and counter productive to any kind of market recovery.
On the other hand, with the 90-day pause for countries that have had tariffs imposed upon them, this provides a window for some negotiated deals that could reduce the number of countries on the Trump administrations tariff list.
Of course, there is still China, the one country that still has tariffs imposed upon it, and with no 90-day let up. The US imposed an eye-watering tariff of 125% on Wednesday, and the White House clarified that this was actually 145% if the tariffs imposed during Trumps first term were included. China has responded by upping its tariffs on US goods to 125%.
As things stand, there appears to be no end in sight. That said, some kind of a coming together is needed in order to avoid a meltdown in world trade. Could the two presidents get together and pull off a deal? The market would be likely to reignite on such news.
$BTC makes a higher low
Source: TradingView
The 4-hour time frame for $BTC shows that the price is still meandering within the descending channel. The important support at $80,000 did break down and confirm below, but Wednesdays announcement of the 90-day suspension of tariffs on all countries except China, resulted in the price getting back above. Friday morning is witnessing a strong upward movement so far. $BTC is up 3.4% on the day.
A very important thing to notice is at the end of the downswing early on Wednesday, the price did not quite come down to the previous low, meaning that a higher low has been made. It now remains for the bulls to push the price up through the top of the channel and get above the last swing high at $88,700. This could be the start of a trend break.
Bollinger sees Bitcoin bottom
Source: TradingView
John Bollinger, legendary technical analyst, and inventor of the Bollinger Bands indicator, recently posted a chart on X that suggests that a W bottoming pattern is forming for Bitcoin. He says that the pattern still needs to confirm. This would be extremely bullish for Bitcoin if it does.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more: https://cryptodaily.co.uk/2025/04/is-bitcoin-btc-forming-a-bottom-price-analysis-and-insights
Text source: Crypto Daily™
