Overview
Bitcoin is eyeing a major breakout as easing trade tensions and growing instability in the U.S. bond market fuel investor confidence. Wall Street staged a strong comeback, while crypto analysts predict Bitcoin’s next move amid rising macroeconomic uncertainty.
Wall Street Rallies as Market Sentiment Improves
On Friday, April 11, U.S. equity markets bounced back after a turbulent week driven by inflation concerns and escalating U.S.-China trade tensions:
S&P 500 rose 1.81%
Nasdaq Composite gained 2.0%
Dow Jones Industrial Average climbed 1.5%
The recovery was bolstered by JPMorgan Chase’s strong Q1 earnings, reporting $5.07 EPS on $45.31 billion in revenue—beating expectations. However, CEO Jamie Dimon cautioned about “considerable turbulence” ahead due to ongoing global economic pressures.
Meanwhile, gold surged past $3,200, hitting a record high as investors turned to safe-haven assets.
Bitcoin Tests $84K Amid Economic Uncertainty
Bitcoin (BTC) briefly crossed $84,000, before settling near $83,796, up over 4.5% in 24 hours. Despite ongoing volatility, Bitcoin remains resilient and is increasingly viewed as a hedge against macroeconomic risks.
Tensions around U.S.-China trade policy continue to impact markets. President Trump temporarily paused most global tariffs for 90 days while raising duties on Chinese imports to 145%. China responded with 125% tariffs on U.S. goods, adding further volatility to the global economic landscape.
Arthur Hayes: Bitcoin Entering “UP ONLY” Phase
Former BitMEX CEO Arthur Hayes believes Bitcoin is entering a sustained bullish phase due to rising instability in the $29 trillion U.S. Treasury market:
10-year Treasury yields surged to 4.59%
The bond market saw its steepest weekly drop since 2019
The U.S. Dollar Index (DXY) dropped below 100, its lowest in two years
“We’re about to enter UP ONLY mode for $BTC,” Hayes tweeted, hinting at more aggressive policy responses if bond market stress continues. Traders are now pricing in 3 to 4 Fed rate cuts by year-end—a historically bullish signal for Bitcoin.
BTC Price Outlook: Is $100K Within Reach?
With a weakening dollar and growing market optimism, several analysts are predicting a major breakout:
Venturefounder highlighted the falling DXY as a precursor to a parabolic BTC rally toward $100,000
John Bollinger, creator of Bollinger Bands, noted BTC is forming a bullish base near $80K
Technical charts reveal a falling wedge—a bullish reversal pattern. Analysts at Cointelegraph and Glassnode suggest a clean break above $84K could open the path to $96K, with mid-year targets ranging from $130K to $140K
Key BTC Levels to Watch
Support: $80,000
Resistance: $84,000 (short-term), $96,000 (mid-term)
Long-Term Target: $100,000+ if momentum continues
Conclusion
Bitcoin is once again at a critical inflection point. With global markets in flux, inflation data on the horizon, and policy shifts looming, BTC could either consolidate at current levels or begin its next leg up. All eyes are now on upcoming economic indicators and Federal Reserve actions.
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