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According to a recent report by 10X Research, Bitcoin (BTC) may be attempting to form a local bottom, as US President Donald Trump is expected to soften his stance on reciprocal tariffs, which are set to go into effect on April 2.
Up Only For Bitcoin?
Bitcoin’s plunge to $77,000 on March 10 may have marked the bottom for the top cryptocurrency in the current market cycle. Since then, the digital asset has appreciated by more than 10%, trading in the mid $80,000 range at the time of writing.
The 10X Research report suggests that Trump’s recent pivot toward “flexibility” on the upcoming April 2 reciprocal trade tariffs may have alleviated some concerns about further deterioration in the global macroeconomic outlook.
Additionally, the report emphasizes the US Federal Reserve’s (Fed) comments following this month’s Federal Open Market Committee (FOMC) meeting, where the central bank indicated that it would slow the pace of balance sheet drawdown and end the current cycle of quantitative tightening.
The Fed’s remarks followed the release of the February 2025 Consumer Price Index (CPI) inflation data, which came in line with expectations, easing concerns about inflation. The report’s claim that BTC has formed a bottom aligns with crypto entrepreneur Arthur Hayes’ recent statement, where he noted that BTC may have “probably” bottomed at $77,000.
The following chart illustrates a bullish reversal in BTC’s 21-day moving average, which currently sits at $85,200. The report points out that these weekly reversal signs are back at levels typically seen when past bull markets have resumed.
For example, in September 2023, BTC benefited from bullish momentum as the Bitcoin exchange-traded funds (ETF) narrative gained traction. Similarly, BTC embarked on a historic rally in August 2024 as the US presidential election drew closer.
Additionally, a recent post on X by seasoned crypto analyst Ali Martinez highlights that Bitcoin transaction fees have nearly tripled over the past week, indicating an uptick in network activity as market sentiment improves.
BTC Still Not Completely Bullish
While Trump’s softening stance on tariffs is good news for risk-on assets like cryptocurrencies, BTC still needs to break through and sustain certain price levels to regain strong bullish momentum.
Recent analysis by Martinez identified $94,000 as a critical price level for BTC to overcome. If the digital asset decisively breaks through and sustains this level, it could be poised to climb as high as $112,000.
That said, concerns remain about BTC’s relatively weak price performance compared to other safe-haven assets like gold. At press time, BTC is trading at $87,650, up 3.6% in the past 24 hours.
Featured image from Unsplash, charts from 10X Research, X, and TradingView.com
Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.
Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.
In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.
A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.
When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.
Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.
Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.
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