Bitcoin Price Teases Above $86k Amid Bullish Sentiment
Bitcoin (BTC) briefly surpassed $86k on Tuesday, reaching its highest point since President Donald Trump announced reciprocal tariffs. However, it retraced slightly to around $85.6k at the time of writing. This surge in price coincided with a meeting between President Trump and El Salvador’s President Nayib Bukele, which sparked bullish sentiment in the crypto market. There is speculation that the Trump administration is considering using funding from tariffs to support its strategic Bitcoin reserves.
Whale investors have also shown increased interest in Bitcoin, with more addresses holding between 1,000 and 10,000 coins. This trend is reminiscent of April 2024, when whale accumulation led to a significant bullish market. However, veteran trader Peter Brandt believes that Bitcoin’s price reversal is not confirmed yet. He argues that the price must consistently close above $88k to confirm a successful reversal of the market correction. Brandt suggests combining bullish reversal patterns and trendlines to make predictions about the market.
Overall, the recent surge in Bitcoin’s price and the increased whale accumulation indicate positive sentiment in the market. However, it remains to be seen whether the price will sustain its upward movement and confirm a reversal.
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