Bitcoin Recovers to $83K in Crypto Market Bounce as Trade Tensions Ease

A surge of nearly $250 billion has flowed back into the spot cryptocurrency market within the last 12 hours, following the US president's announcement of a 90-day pause and reduction of reciprocal tariffs.

Total market capitalization has rebounded to $2.7 trillion, representing a 6% daily increase and recovering almost all losses from the recent downturn.

Bitcoin surged over 8% in the past 24 hours, reaching an intraday high of $83,425 during Wednesday's late trading before a slight correction during Thursday's Asian session. It has now settled back within its month-long trading range in the mid-$80,000 price zone.

Analyst Perspectives

Technical analyst 'Rekt Capital' observed that two exponential moving averages are consolidating, suggesting a continued bull market for Bitcoin. They noted the 21-week EMA is declining, currently around $86,500, adding that "The declining nature of this EMA will make it easier for BTC to break out."

Meanwhile, analyst "Mister Crypto" drew parallels with 2020 price movements, hinting at an imminent significant breakout.

Stock markets also experienced a rally, with the S&P 500 gaining 9.5%, the Nasdaq rising 12%, and the Dow Jones increasing by almost 8%.

However, not all analysts shared this optimism. Peter Schiff, a known bear, commented, "Today’s US stock market rally is a bear market rally, and likely an opportunity to sell. 10% across-the-board tariffs remain in effect, and there will be heightened risk over the next 90 days."

Joe McCann, founder of Asymmetric, offered a contrasting view, suggesting markets have already factored in the current tariff situation. He predicted that a resolution with China would lead to a market "explosion." His tweet further elaborated:

How I’m viewing the market now:
– Market was priced for China, EU and everyone else getting tariffed
– Market now pricing only China
– Market not pricing a China deal
If a China deal comes, market explodes. If it doesn’t, it’s already priced.
10Y wax max bid by foreigners -… pic.twitter.com/GFWN6XsisW
— ◢ J◎e McCann (@joemccann) April 9, 2025

Elsewhere in the Crypto Market

Ethereum, which dipped below its 2018 cycle peak on Wednesday, rebounded by 15%, reaching $1,680. However, it remains relatively weak, trading at bear market lows.

Other altcoins also showed significant recovery, including XRP (up 13% to $2), Solana (SOL, up 12% to $120), and Dogecoin (DOGE, up a similar amount to $0.16). Cardano, Chainlink, Avalanche, Hedera, and Sui also experienced double-digit gains.

Despite these gains, a broader altcoin rally ("altseason") has yet to materialize for most digital assets, which remain significantly below their peak values in this or previous cycles.

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