After a period of consolidation, Bitcoin is surging again. With the impact of Fed decisions and Trump's influence on the markets, the bullish momentum appears to be gaining pace. The question now is, can BTC truly break new highs?
The recent analysis from the research firm 10x points towards a bottom forming for Bitcoin. This is attributed to the shift in tone from Donald Trump regarding tariffs and the rather accommodating stance of the U.S. Federal Reserve.
Source: 10x Research
According to 10x’s technical indicators, the 21-day moving average of Bitcoin has now reached $85,200. This is reminiscent of levels seen before major bullish rallies in September 2023 and August 2024. The fundamentals appear to be aligning for a strong uptrend restart.
In its report, 10x Research highlights the relatively accommodating tone adopted by Jerome Powell in the recent mid-March Fed meeting. By choosing to overlook short-term inflationary pressures, the monetary institution “lays the groundwork for potential future monetary easing”.
A strong signal to investors that should boost the stock markets in the medium term according to Markus Thielen, founder of 10x Research:
“Powell’s slightly accommodating tone suggests that the Fed put is still intact, providing new support for the stock price recovery.”
Another key factor identified by 10x analysts: Donald Trump’s recent shift on the trade front. After months of aggressive protectionist rhetoric, the U.S. President now appears willing to show “flexibility” regarding the planned increases in tariffs set to take effect on April 2.
While the context seems ideal for a continuation of the bullish rally, 10x Research warns of a potential glass ceiling around the $90,000 mark. A significant psychological level that could pose “significant resistance” initially.
Despite these optimistic outlooks, Markus Thielen also points out the absence of a “clear catalyst” for an immediate parabolic rally. Another demonstration, if needed, of the extreme volatility that continues to dominate the crypto markets.
Fueled by economic optimism, the bullish trajectory of Bitcoin seems to be gearing up for a new chapter. Provided that policymakers and monetary authorities sustain their accommodative stances. If you wish to buy Bitcoin today, here’s how to do it on a reliable platform like Bitget:
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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