Will President Trumps Tariff Reversal Sustain Bitcoin Bull Swing?
President Donald Trump has reversed country-specific tariffs after a financial meltdown. Bitcoin (BTC) recovered following the announcement as bulls look to regain lost ground. This week, crypto assets plummeted in line with the U.S. stock market, marking a huge setback to start the new quarter.
Bullish Bitcoin Price Action
The price of the leading crypto by market cap gained momentum in the early hours of April 10 due to a major policy reversal. Bitcoin is up 7% in the last 24 hours after bulls took center stage. The asset regained the $80k mark, a psychological level for traders in the quest for a major leap.
For most traders, the $80k price level marked new institutional investors as the market priced in a Donald Trump election win. At the time of writing, Bitcoin trades at $82,008, wiping out a significant chunk of weekly outflows. Losses in the last seven days are now at 1.24%, while monthly figures are back in the green zone.
The market cap is above $1.62 trillion, and an upsurge in trading volumes is a rallying point for most bulls in their quest to reclaim $90k. Meanwhile, whales also ignited accumulations, making huge purchases in the last 24 hours. On-chain data shows a crypto whale bought 1,800 BTC worth approximately $147 million.
Furthermore, centralized exchanges recorded outflows, signaling signs of long-term holdings. This shows more trust in the market for retail and institutional traders. New Bitcoin holders are keen to re-enter profit territory after the recent dip, which wiped out billions from the market. Per Whale Alert data, a crypto user moved 800 BTC from Binance to another custodian. This was followed by a string of similar transactions.
President Trump Pauses Tariffs
Bitcoins rebound was due to a 90-day pause on the White House sweeping tariffs. The tariffs sent crypto prices and the stock market to new lows not recorded in months. While country-based tariffs have been paused, additional measures were imposed on China as the trade war between both countries escalates.
I thought that people were jumping a little bit out of line They were getting a little bit yippy, a little bit afraid Weve got a big job to do. No other president would have done what I did No others. I know the presidents, they wouldnt have done it. Trump added.
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Text source: ZyCrypto
