Bitcoin Price Approaches $84,000 Resistance Amid Market Uncertainty
Bitcoin price is near $82,000, facing resistance at $84,000 amid US Treasury market uncertainty, a declining US dollar, and the US-China tariff dispute. Notably, BTC has bounced back from $75,000 twice recently.
- Current price: $81,515
- Resistance levels: $84,000 and potential next target at $96,000
- Analysts caution that previous support levels could act as resistance if bullish conditions do not improve.
Catalysts for Bitcoin Price Movement
Donald Trump announced a 90-day delay on tariff implementation, providing temporary market relief. Analysts suggest this may not be a lasting solution.
- Short-term support for cryptocurrencies expected, but significant capital inflow requires stronger catalysts.
- A potential Fed rate cut in May is indicated by a March US CPI of 2.4% and a decline to 0.1% inflation.
Market Dynamics
The US Dollar Index (DXY) has dropped to 99.705, its lowest since April, while gold reached an all-time high of $3,220.
- Bitcoin accumulation addresses saw an inflow of 48,575 BTC, totaling $3.6 billion — the largest single-day inflow since February 2022.
- This activity in accumulation addresses signals potential market shifts.