Bitcoin (BTC) approached $90,000 after it warned its “conflicting signs and signals” at the Wall Street Open on March 24th.
BTC/USD 1 hour chart. Source: CointeLegraph/TradingView
BTC prices increase by nearly 3% daily with risk asset relief
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $88,772 on BitStamp. This is the highest level since March 7th.
Bitcoin followed the stock by more than a week after almost a month of sell-side pressure. The S&P 500 and NASDAQ composite indexes increased by 1.6% and 2%, respectively, at the time of writing.
Comment, a letter from trading resource Kobeissi described the rise as a positive response to the news that the US government is easing the severity of the new trade tariffs set to take effect on April 2.
We cited sources reporting that “sector-specific tariffs” appear in place of blanket rules.
“The S&P 500 is currently up +75 points on the news,” he added.
S&P 500 4-hour chart. Source: CointeLegraph/TradingView
Crypto Market Momentum was already gained thanks to US rumors that could use profits on gold reserves to buy BTC.
“If you’re actually aware of profits (these holdings), it’s a budget-neutral way to get more Bitcoin,” Boheins, executive director of the Council on Advisors on Digital Assets, said last week in an interview with the Crypto in America Podcast.
In his latest market analysis on March 24, Keith Alan, co-founder of the Trading Resource Material Indicator, suggested that the news was deaf.
Despite a relatively modest rise in BTC prices, he wrote in the X-thread:
“With ATH Territory Gold, modified BTC, this will be the best time to make a profit from gold and buy Bitcoin,” he added.
Xau/USD 1 day chart. Source: CointeLegraph/TradingView
BTC needs important support to avoid new lows
Continuingly, Alan laid out two important assumptions for sustained BTC price increases.
Related: RSI breaks down four months of downward trend: 5 things you need to know about Bitcoin this week
The 21-day Simple Moving Average (SMA) currently at $84,674, and the 2025 annual opening is around $93,300, both of which need to be collected as support.
BTC/USD 1-day chart using 21SMA. Source: CointeLegraph/TradingView
“How can you tell whether Bitcoin is back on its path to asterisks or an developing bull trap using conflicting signs and signals? The answer is to know what your validation/nullification level is,” he explained.
In particular, what is held annually is very important, and Alan argues that “there is a greater chance of retesting low prices” until it is regained.
“If that happens, I’ll buy those dips when I buy my resume,” he concluded.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
