On April 13th, Bitcoin (BTC) surged to an eleven-day high, reaching $86,000, marking its highest point since April 2nd. The rally in the crypto market closely followed changes in US financial policies. The positive movement came in response to news that US President Donald Trump had decided to exclude certain key products from the ongoing trade tariffs against China. This development led to a relief rally in both traditional markets and the cryptocurrency space.

Despite the upward trend, Bitcoin experienced some volatility over the weekend due to lower liquidity in the markets. The price briefly dropped below $84,000 before rebounding. By the end of the week, BTC/USD was up 7%, bouncing back from recent lows. However, some traders remained cautious about the strength of Bitcoin's price.

Traders highlighted various technical indicators, such as the overbought stochastic indicator and the 200-day exponential moving average (EMA) at $85,000. While some saw the rebound as corrective rather than impulsive, others emphasized the importance of breaking a long-term daily downtrend for a sustained bull market.

Notably, well-known trader Peter Brandt and analyst Rekt Capital shared their insights on Bitcoin's price action. Brandt suggested that the rebound appeared corrective, while Rekt Capital pointed out the significance of successfully retesting the downtrend for a bullish breakout to occur.

Moreover, Rekt Capital highlighted a bullish divergence on Bitcoin's relative strength index (RSI) indicator. The RSI was forming higher lows while the price was forming lower lows, indicating a potential reversal to the upside. This pattern has historically preceded price reversals, adding to the optimism among traders.

As the crypto market continues to navigate through various macroeconomic factors and technical indicators, investors are advised to conduct thorough research and exercise caution when making investment decisions. The cryptocurrency space remains highly volatile, and market movements can be influenced by a wide range of factors.

In conclusion, while Bitcoin's recent price surge has sparked optimism among traders, the market remains sensitive to external events and technical patterns. As the week progresses and new developments unfold, it will be crucial to monitor Bitcoin's price action closely to gauge the sustainability of the current rally.

Source: https://cointelegraph.com/news/bitcoin-price-tags-86-k-as-trump-tariff-relief-boosts-breakout-odds?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound