On April 9, Bitcoin climbed by 10% to $83,5K after President Trump announced a 90-day pause on tariffs against all countries except China.
Market Reacts to Tariff Announcements
The price increase of Bitcoin coincided with positive movements in U.S. equities. However, the ongoing tariff dispute between the U.S. and China continues to impact investor sentiment.
Prospects of a Deal with China
President Trump noted that China is ready for a deal. Analyst Joe McCann believes that a positive resolution could drive Bitcoin’s value higher, as it hasn’t yet been factored into current prices.
Technical Analysis of Bitcoin
Despite the ongoing trade dispute, the market remains cautiously optimistic. Bitcoin's price chart shows a bullish falling wedge, indicating that downward momentum might soon ease, paving the way for recovery. The bullish RSI divergence further supports the prospects for a breakout.
In the face of uncertainty driven by tariff disputes, Bitcoin demonstrates potential for further growth. Analyzing macroeconomic conditions remains crucial for predicting market movements.
