Source: Cointelegraph Original: "{title}"
Bitcoin (BTC) opened strongly this week, rising to an intraday high of $88,804. Analysts have praised this trend, believing that the $90,000 to $92,000 range is a key price level to challenge in the short term.
On March 24, the market found support after President Trump hinted that his "tariff numbers" for April 2 might be milder than expected, especially after automobiles and microchips were removed from the tariff list.
Ben Yorke, Vice President of Ecosystem at WOO, stated, "The White House's decision to retract the threat of broad tariffs and take more targeted measures indicates Trump's cautious stance on the economic rebound."
The market's positive reaction to the tariff news can be seen in the increase in Bitcoin futures open interest, with traders generally believed to be using leverage to open new margin long positions.
BTC/USDT 1-Hour Chart. Source: MacroCRG / X
The rebound of the Coinbase Premium Index (which measures the price difference between BTC on Coinbase and Binance) and the continuous inflow of Bitcoin ETF spot for the seventh day also indicate that spot demand is returning to the market and may signal an improvement in market sentiment, as Bitcoin's price movements over the past few weeks have been driven by sell-offs and the use of perpetual futures to push prices within the current range.
Bitcoin Coinbase Premium Index. Source: CryptoQuant
Data from SoSoValue indicates that the net inflow of the U.S. spot Bitcoin ETF is $84.17 million.
Total net inflow of spot Bitcoin ETF. Source: SoSoValue
Can Bitcoin challenge the $100,000 mark again?
Although the rebound of the Coinbase Premium and the positive capital inflow into the spot Bitcoin ETF suggest that market sentiment is improving, whether the current upward momentum is strong enough to push Bitcoin back above $100,000 remains an open question.
Lingling Jiang, a partner at DWF Labs, stated, "We are witnessing a combination of structural and narrative factors driving the upward trend of Bitcoin."
In an interview with Cointelegraph, Lingling Jiang said, "On a micro level, we can see a pattern: the recovery of ETF capital inflows, the expansion of the stablecoin market, and the breakout patterns of alternative cryptocurrencies, all of which convey confidence and may indicate a return of institutional participation. Although market liquidity is increasing, we note that volatility remains low, and on-chain indicators show that long-term investors are accumulating rather than selling."
From a technical perspective, Bitcoin is still trading below the range that defines its price movements from November 2024 to February 2025. While the price is above the 20-day and 200-day moving averages, it is still constrained by the resistance level of the downward trend line, which also aligns with the 50-day moving average (in the $89,500 to $90,000 range).
BTC/USDT 1-Day Chart. Source: TradingView
According to independent market analyst Scott Melker, the 4-hour Relative Strength Index (RSI) for Bitcoin shows a "clear upward trend, accompanied by a series of higher lows and higher highs."
In a post on X on March 24, Melker stated, "Before all this, the RSI was oversold, and a bullish divergence appeared at the bottom of the daily and intraday charts. I had been emphasizing this point."
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making decisions.
Related: Bitcoin and Ethereum are expected to incur losses in the first quarter, and a "vertical upward" trend is unlikely to occur.
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