Bitcoin Targets New Highs Amid Bullish Market Shift

NEW YORK, NY — Bitcoin‘s market structure is experiencing a shift back towards bullish sentiment, raising hopes that the cryptocurrency may soon approach new all-time highs. On April 2, Bitcoin surged by 5.53%, reaching an intraday high of $87,333. This spike marks a significant departure from a ten-week downtrend that began on January 20, during which Bitcoin peaked at $110,000.

A close above the recent trendline could prompt further upward momentum in the coming days. In March, spot traders on major platforms such as Binance and Coinbase displayed divergent strategies, with Binance traders aggressively selling Bitcoin while Coinbase maintained notable spot bids around the $80,000 mark. This contrast contributed to sideways price movement throughout March.

As of early April, traders across major exchanges have collectively adopted a bullish outlook. Data from aggr.trade indicates increasing spot bids on Coinbase, with buying pressure peaking at approximately $7.98 million within hours. Dom, a crypto market analyst, noted, “BTC has been able to breathe ever since the Binance selling tapered off. We are even seeing some spot buying from them for the first time in over a week.”

From a technical standpoint, Bitcoin has successfully transformed a significant resistance range between $84,000 and $85,000 into a new support level. Additionally, Bitcoin currently trades above the 50-day, 100-day, and 200-day exponential moving averages (EMAs), signaling bullish trends.

However, challenges remain as Bitcoin may struggle to surpass external liquidity levels between $87,700 and $88,700, which correspond to previous highs. The possibility of consolidation within this range could be beneficial, potentially setting the stage for a test of the $90,000 mark, a level not seen since March 7. Conversely, a decline toward the current support levels at $84,000 and $85,000 may dissuade bullish traders and hand control to short sellers. A closing price below $85,000 in the coming days may invalidate the bullish outlook.

Markets are also anticipating increased volatility in response to geopolitical developments, particularly regarding President Donald Trump’s “Liberation Day” tariffs. Bitcoin’s reaction is expected during the White House press conference scheduled for 4 p.m. Eastern Time today.

In related news, Bitcoin continued its upward trajectory for a second consecutive day as spot trading volumes rose. However, upcoming geopolitical factors and a global tariff dispute could limit Bitcoin’s upward momentum. Recent data from Kingfisher, CoinGlass, and Velo suggests that short liquidations have contributed to the price surging past $88,500, although historical patterns show that Bitcoin has faced challenges in maintaining gains.

Despite recent price fluctuations, some analysts see encouraging signs of a market transition from bearish to bullish. Positive indicators include healthy spot market activity and the re-emergence of the Coinbase Pro premium, which some analysts believe may be influenced by institutional interest from companies investing in Bitcoin reserves. Over the last fortnight, firms like GameStop, MARA, Metaplanet, and Strategy have made headlines for their activities in the Bitcoin market, including GameStop’s potential purchase of Bitcoin and Strategy’s ongoing accumulation.

As the market braces for the impact of President Trump’s tariff announcements, the interplay between sustained spot buying on platforms like Binance and Coinbase Pro and broader market reactions will likely shape the short-term trajectory of Bitcoin prices.