Amid rising trade-related risks, Bitcoin's price remains above the critical support level of $80,000. Currently, Bitcoin is trading at $83,230, reflecting a 9% increase since March.
Current Bitcoin Price
As of Friday morning, Bitcoin was trading at $83,230, a stable level it has maintained for the past few days. This level represents a 9% increase from its lowest point in March.
Stock Market Impact on Bitcoin
Bitcoin's performance has outpaced that of the U.S. stock market. The Dow Jones index dropped more than 1,080 points on Friday and is down 13% from its 2024 high, suggesting significant volatility in the stock market. Such events can influence Bitcoin and other cryptocurrencies. Historically, declines in the stock market often lead to increased interest in cryptocurrencies.
Technical Analysis and Future Outlook
The weekly chart shows that Bitcoin remains in an uptrend despite recent fluctuations. It is trading just above the lower boundary of the ascending channel that has been in place since October 2022. Current conditions suggest a high likelihood that Bitcoin will resume its bullish trend once market panic subsides.
Despite current concerns in financial markets, Bitcoin demonstrates relative stability. The impact of news flow and stock market volatility may create potential opportunities for cryptocurrencies in the near future.
