Bitcoin Forms Local Bottom as Trump Softens Tariff Stance
According to a report by 10X Research, Bitcoin (BTC) may be forming a local bottom as US President Trump is expected to ease reciprocal tariffs effective April 2.
Key Points
- Bitcoin dropped to $77,000 on March 10, possibly marking the cycle's bottom.
- The cryptocurrency has since increased over 10%, trading around $80,000.
- Trump’s tariff flexibility may improve the global macroeconomic outlook.
- The US Federal Reserve indicated it would slow balance sheet drawdowns and end quantitative tightening.
- February 2025 CPI data aligned with expectations, alleviating inflation concerns.
- BTC's 21-day moving average shows bullish reversal at $85,200, consistent with past bull markets.
- Bitcoin transaction fees have nearly tripled recently, indicating heightened network activity.
- For sustained bullish momentum, BTC needs to surpass and hold above $94,000.
- Current BTC trading price is $87,650, reflecting a 3.6% increase in the last 24 hours.
