A federal court ruling blocking President Donald Trump’s sweeping tariffs on Wednesday helped boost risk appetite among traders, leading to a recovery in cryptocurrencies from early dips.

Bitcoin (BTC) fell sharply in the early trading hours, dipping below the $107,000 level before recovering to trade above $108,000 by press time. The world’s largest cryptocurrency had lost 0.45% over the last 24 hours.

At least two technical indicators also signaled a potential bottom in BTC, which had been struggling to stay above the lower limit of a channel on its 4-hour chart, according to cryptocurrency analyst and trader Ali Martinez.

One indicator is the lower boundary of the channel, which had previously served as support.

“A break below this level could open the door for further declines,” Martinez said.

The second indicator is a “buy” signal from the TD Sequential indicator on BTC’s hourly chart.

The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.

In the case of the TD Sequential indicator, a 9 count can be used to predict a top or bottom in a given time frame.

Another widely followed cryptocurrency investor, known by the pseudonym Scient, said BTC could hit a new all-time high “in a couple of days,” provided it could hold above $107,974—the upper boundary of a “box” that they highlighted.

“If we fall under the box, $102,000 is a good support for scalp longs, but it will invite a lot of sell pressure when we test $108,000 from underside,” they said.

Cryptocurrencies

In other cryptocurrency news, a federal judge on Wednesday vacated former President Donald Trump’s decision to impose tariffs on goods from China using an Emergency Powers Act provision. The ruling by the U.S. Court of International Trade in New York could put an end to trade war fears that have been gripping the capital asset markets.

Moreover, over $232 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets being liquidated the most, to the tune of $165 million.

Crypto Open Interest

Bitcoin’s Open Interest went up 1.28% in the last 24 hours, while Ethereum (ETH) recorded a 4.46% jump. The percentage of Binance traders placing bullish bets on Bitcoin also went up above 50%, signaling increased optimism.

Crypto Fear and Greed Index

The “Greed” sentiment rose 71 to 74 over the last 24 hours, as indicated by the Crypto Fear and Greed Index, implying increasing demand.

The global cryptocurrency market cap now stands at $3.43 trillion, showing a 0.38% decrease over the last 24 hours.

Top 3 Cryptocurrency Movers

The global cryptocurrency market capitalization has decreased by 0.38% over the last 24 hours to $3.43 trillion.

Among the top 10 cryptocurrencies, Ethereum (CRYPTO: ETH) has had the most significant gains in the last 24 hours, surging by 2.43%.

At the time of writing, ETH is trading at $2,698.

The second-best performing cryptocurrency is closely followed by Bitcoin (CRYPTO: BTC), which rose 0.45% to $107,420.

Meanwhile, the third-best performer among the top 10 cryptocurrencies is Chainlink (CRYPTO: LINK), which saw a 0.38% increase.

The world’s largest cryptocurrency is currently trading at $107,420.

Here are the top 3 cryptocurrency movers for Wednesday morning:

Cryptocurrency

Token

Price (24-hour change)

Ethereum

ETH

$2,698 (+2.43%)

Bitcoin

BTC

$107,420 (+0.45%)

Chainlink

LINK

$20.27 (+0.38%)

The best cryptocurrency performing among the top 10 tokens is Monero (CRYPTO: XMR), which surged by 2.04%. At the time of writing, Monero is trading at $275.37.

The second-best performing cryptocurrency is closely followed by Stellar (CRYPTO: XLM), which saw a 1.44% increase.

Meanwhile, the third-best performer among the top 10 cryptocurrencies is Cardano (CRYPTO: ADA), which had a 0.33% gain.

Here are the top 3 cryptocurrency movers for Wednesday morning:

Cryptocurrency

Token

Price (24-hour change)

Monero

XMR

$275.37 (+2