On April 13, Bitcoin (BTCUSD) reached a high not seen in eleven days, hitting the $86,000 mark. This surge in the cryptocurrency market appears to be closely tied to changes in US financial policy.
Data sourced from Cointelegraph Markets Pro and TradingView showed BTCUSD achieving $86,000 for the first time since April 2. The digital currency responded positively to the announcement that US President Donald Trump had chosen to exclude certain crucial products from his ongoing trade tariffs against China.
Traditional markets remain closed over weekends, leading to less liquidity in the crypto markets and an increased likelihood of price fluctuations. Bitcoin subsequently fell below $84,000.
However, even with this dip, BTCUSD was still up 7% for the week, recovering from an earlier descent to five-month lows. Many traders remain skeptical about the strength of Bitcoin’s price.
The ongoing relationship with the 200-day exponential moving average (EMA) at $85,000 was noted by Daan Crypto Trades. He mentioned the expectation of another volatile week ahead due to tariff-related news and upcoming big tech earnings.
The rebound from the lows, according to trader Peter, appears “more corrective than it does impulsive.” Meanwhile, Rekt Capital, a well-known trader and analyst, noted that the real challenge for a Bitcoin bull market resurgence lies in a persistent long-term daily downtrend.
“Bitcoin has Daily Closed above the Downtrend. Thus, breakout confirmation is underway,” he explained in one of his recent X updates. This was accompanied by a chart for clarity. He also pointed out the need for a successful retest, which is currently in progress.
As previously reported by Cointelegraph, overcoming the daily downtrend, which has been in place since late 2024, is a crucial barrier for the bulls.
RSI bullish divergence is still in play, with Bitcoin forming another higher low on the RSI while registering lower lows on the price. Rekt Capital concluded that “Each Bull Div preceded reversals to the upside.”
This article does not constitute investment advice or recommendations. All investment and trading actions involve risk, and readers should perform their own research before making a decision.
