Bitcoin hit $86.4K on April 2 as markets waited for Trump’s tariff announcement.
Analysts say BTC is nearing a breakout, but macro uncertainty keeps sentiment cautious.
Swissblock warns of a possible drop to $76K if Bitcoin reacts poorly to broader market moves.
Bitcoin isn’t sitting still. On April 2, just as Wall Street opened and markets braced for Trump’s long-teased tariffs, BTC jumped past $86,400, marking a new high for the month.
Yep, BTC was flexing—though not without a bit of wobble. Volatility stayed high as investors eyed what could be a pivotal day for both crypto and broader markets.
Trump’s big tariff reveal, dubbed “Liberation Day,” is expected at 4 p.m. Eastern, straight from the White House Rose Garden. There’s a press conference right after too—so, yeah, buckle up.
JUST IN: Bitcoin $BTC reclaims $87,000 despite macro fear over President Trumps ‘Liberation Day’ tariffs 👀🚀 pic.twitter.com/ZMusAK1YQX
While U.S. stocks opened slightly lower, Bitcoin made up some ground, bouncing around a zone loaded with key technicals—stuff like the 200-day SMA, which, for now, is still in the rearview. That moving average is typically seen as a long-term support line in bull markets… but BTC dipped under it recently.
Chart watchers haven’t been sleeping. Rekt Capital, a widely followed analyst, noted that Bitcoin is still consolidating between the 21-week and 50-week EMAs, but things are shifting.
“The 21-week EMA is declining, now sitting at $87,650,” he posted on X. “That slope actually makes it easier for Bitcoin to break above it.”
And if BTC can close above that level and retest successfully? That could kickstart a brand new technical uptrend, he added. No guarantees, but the momentum’s been building.
RSI Broke Its Downtrend, But Is That Enough?
Another signal: Bitcoin’s daily RSI, which finally broke out of a months-long downtrend that started back in November 2024. That’s usually a bullish signal… though, let’s be real—it’s not a magic wand.
Macro Mood? Meh.
Meanwhile, QCP Capital isn’t exactly popping champagne. In a message to Telegram subscribers, they said risk assets still look shaky, and crypto’s mood? Pretty flat.
“BTC trades without conviction. ETH is just clinging to that $1,800 support. Lots of coins are still down 90% YTD—and some dumped 30% just last week.”
Without a major macro shift or a clear bullish trigger, they’re not expecting fireworks. And they’re definitely not chasing the green candles just yet.
Worth noting: in Q1, every time a Trump tariff headline dropped, Bitcoin usually took a hit.
Swissblock: Not All Doom and Gloom
Still, not everyone’s feeling the bearish weight. Swissblock, an asset management firm, pushed back a little.
“No signs of imminent collapse,” they said in an X thread, pointing out that BTC might still hold its own—even if traditional markets wobble.
That said, they did flag a potential drop back to $76,000 if things go south—an 11% slide from current levels. And they framed BTC’s current setup as being at a bit of a fork-in-the-road moment.
