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Bitcoin Hits $81K as Tariff Pause Sparks Market Rally

Bitcoin Hits $81K as Tariff Pause Sparks Market Rally

Bitcoin has surged to $81,000 following President Donald Trump's announcement of a 90-day pause on tariffs for non-retaliating countries, igniting bullish sentiment across the cryptocurrency market. This positive momentum was further bolstered by the launch of the XXRP ETF, which contributed to a significant rise in XRP's price.

Key Takeaways

  • Bitcoin's price jumped approximately 9% to reach $81,000.
  • The pause on tariffs has reignited hopes for Bitcoin to approach the $100,000 mark.
  • XRP's price increased by 13% following the announcement and the launch of the XXRP ETF.
  • Other cryptocurrencies, including Solana and Ethereum, also saw substantial gains.

Bitcoin's Bullish Momentum

On April 9, Bitcoin (BTC) experienced a remarkable rebound, climbing to $81,000 after President Trump announced a temporary halt on tariffs for countries that have not retaliated against the U.S. This announcement has been interpreted as a catalyst for renewed optimism in the cryptocurrency market, with many analysts suggesting that Bitcoin could be on track to retest the $100,000 level.

The price surge was characterized by a reversal of earlier losses, as BTC/USD climbed approximately 9% during the day. Analysts noted that Bitcoin is currently testing a falling wedge pattern, which could lead to a breakout above the upper trendline at around $83,000. If confirmed, this breakout could set Bitcoin on a trajectory toward $100,000 by June.

XRP ETF Launch Boosts Market Sentiment

In addition to Bitcoin's rally, XRP (XRP) also saw a significant price increase of 13%, trading above the $2 mark. This surge coincided with the launch of the XXRP ETF on the New York Stock Exchange (NYSE) Arca, which aims to amplify XRP's daily returns. The ETF attracted $5 million in trading volume on its first day, marking a strong debut despite the ongoing volatility in the crypto market.

However, analysts caution that XRP's price may face downward pressure due to a descending triangle pattern that has formed on its daily chart. If XRP breaks below its support level of $2, it could potentially drop to around $1.20 by the end of April.

Broader Market Reactions

The positive news surrounding Bitcoin and XRP also had a ripple effect on the broader cryptocurrency market. Major altcoins such as Solana (SOL), Avalanche (AVAX), and Chainlink (LINK) experienced gains of over 10%. Ethereum (ETH) rose to $1,600, reflecting an overall bullish sentiment across the market.

In parallel, U.S. stock markets reacted positively to Trump's tariff announcement, with the Nasdaq and S&P 500 indexes rising significantly during the trading session. This correlation between traditional markets and cryptocurrencies highlights the growing integration of digital assets into the broader financial landscape.

Conclusion

The recent surge in Bitcoin and XRP prices, fueled by Trump's tariff pause and the launch of the XXRP ETF, underscores the volatile yet dynamic nature of the cryptocurrency market. As investors remain optimistic about potential price targets, the coming weeks will be crucial in determining whether these bullish trends can be sustained or if market corrections are on the horizon.

Sources