As tariff concerns added to the turmoil, markets were pinched ahead of Liberation Day. Bitcoin surged above $88,000 and was about to rise above the crucial resistance when bearish activity kicked in. Nearly $500 million has been liquidated from the markets in the past 24 hours. While it may seem like the rise of the bearish strength, in the wider perspective, the BTC price seems to be gearing up for a huge price action if it manages to withstand the upcoming bearish scenario.
The markets remained highly volatile ahead of tariffs that had created huge bearish waves earlier. While the traditional markets plunged hard, the crypto markets displayed some stability, and the quick recovery has been reviving bullish hopes. The BTC price has bounced from the immediate lows close to $82,000, but a major hurdle is yet to be addressed. Once done, the price is expected to rise uninterrupted above $90,000.
As seen in the above chart, the bulls are attempting to keep up the trend elevated, but until and unless the price rises above the ascending trend line, the fear of a strong pullback persists. The volume has dropped while the 50-200 day MAs are approaching a bearish crossover, called the Death Cross. The DMI had undergone a bullish crossover, but the lack of volatility is compelling the levels to reverse the trend.
As a result, the BTC price is expected to face yet another bearish action in the coming day, which may drag the levels close to $81,000 initially. The bulls have been defending the support for a long time but failed to trigger a 20% recovery after a rebound, hinting more downfall is required to attract fresh liquidity. Therefore, the Bitcoin price is expected to break the support and form fresh bottoms for 2025 somewhere around $76,700 to $77,000, which may further lay down a strong ascending trend beyond $90,000.
