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Bitcoin rally reaches $885,000 in bankruptcy as spot volumes soar – Will tariff wars stop gatherings?

by | Apr 2, 2025 | Crypto | 0 comments

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Bitcoin’s price sparked unexpected bids by raising the gains to $88,500, but will the price increase be consistent with the 50-day moving average with multiple months of overhead resistance?

Key points:

  • Bitcoin has been extended for April. There is news that the Trump administration has not yet finalized its “Liberation Day” tariffs.

  • Israel, Mexico and India are already unhappy with tariffs on U.S. imports, or suggest they won’t impose “tizz” tariffs on expected April 2 U.S. tariffs.

  • Bitcoin (BTC) trading is slightly below the 3-month downward trendline resistance, and prices have been rejected in past rallies.

  • The total liquidation volume in the market liquidation period has reached US$145 million during the past 12-hour trading period, of which US$69.4 million is Bitcoin shorts.

Data from Kingfisher, coinglass and velo shows that the brief liquidation has played a role in the push of more than $88,500 today.

Cryptocurrency market cleared the past 12 hours. source. Small shop

Over the past few months, Bitcoin’s price has been working to keep the gains generated by leverage-driven rallying. In addition to the futures market, there are some positive things that show that the market structure is slowly transitioning to bearish.

As shown in the chart below, the recent rally was accompanied by strong bids in the spot market and the return of Coinbase Pro Premium, leading some analysts to speculate that the shift was affected by purchases from strategy and other companies focused on building Bitcoin reserves.

Coinbase Premium Index. Source: Encryption

Over the past two weeks, GameStop, Mara, Metaplanet and Strategy have all announced plans to buy more Bitcoin, and GameStop is about to actively increase its BTC position on the edge of buying and strategy.

GameStop is available for purchases of $1.5B for possible BTC. source: Arkham

In the short term, the ongoing on-site purchases on Binance and Coinbase Pro, as well as the cryptocurrency market response to President Donald Trump’s “liberation day” tariffs may be the most influential factors affecting the current bullish momentum seen in Bitcoin prices.

Related: Bitcoin’s price breaks through 10-week downtrend – is the next step to $90k BTC?

This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.