Bitcoin Eyes Breakout as Bulls Target $86,100 Resistance
Bitcoin is gaining momentum, currently trading at $84,700 after hitting an intraday high of $85,400—just shy of the key $86,100 resistance level. A mix of macroeconomic shifts and evolving regulations are fueling inflows into BTC amid this breakout push.
China’s Tariff Hike Sends Bitcoin to $85K
Market jitters followed China's move to raise tariffs on $50 billion worth of U.S. goods from 84% to 125%, with an additional $144 billion in potential hikes looming. While equities slumped under the weight of rising geopolitical tensions, Bitcoin surged past $85,000 as investors sought a safe haven.
States Warm to Bitcoin Amid Hashrate Surge
Florida is considering allowing public funds to invest in Bitcoin, while North Carolina moves to legalize it. These developments come as Bitcoin's network hashrate surpasses 120 TH/s, signaling deepening institutional interest in mining.
Technical Indicators Suggest BTC Still Undervalued
According to the Bitcoin Rainbow Chart, BTC is positioned in the “HODL” to “Still Cheap” range—aligning with expert forecasts of a rise toward $91,500 as demand increases.
Crypto Sentiment Jumps After Trump Scraps IRS DeFi Rule
In a major win for the crypto community, President Trump repealed the IRS DeFi Broker Rule, which would have required decentralized platforms to report user transactions. Critics had called it a threat to privacy and an impractical regulation. The repeal is part of a broader push to incorporate Austrian economics and sound money principles into education.
As part of this trend, Bitcoin donations to schools will be instantly converted to fiat, though some institutions may begin building BTC treasuries. Colleges in Wyoming and Austin are also launching Bitcoin-centric programs and financial models.
BTC Technical Outlook – April 13, 2025
Bitcoin is holding above $84,700, just beneath the $86,100 resistance, which aligns with the upper boundary of a long-term descending channel a prior supply zone.
Support Levels: $82,900 and $80,700
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