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US Tariff Pause Sparks Crypto Rally, But Bullish Momentum Remains Weak

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At the end of this past week, the prices of cryptocurrencies witnessed a significant rally, which was largely attributed to eased trade tensions due to a tariff pause. Despite this somewhat bullish move, bearish market conditions still persist.

According to a weekly report from the market analytics platform CryptoQuant, bitcoin (BTC) has been in one of its least bullish phases since November 2022. The asset’s on-chain metrics signal that a sustained rally in the near term is unlikely.

BTC Rallies on Paused Tariffs

The week began with high volatility that triggered a sell-off that dragged bitcoin’s price from $84,000 to a five-month low of $74,000. Ether (ETH) also fell to its March 2023 low of $1,385 as China and the European Union imposed retaliatory tariffs against the United States.

By the middle of the week, U.S. President Donald Trump announced a 90-day pause on tariffs for all countries except China. During these three months, China will be subject to 125% tariffs while 10% will be imposed on other countries. The development triggered a rally among crypto assets, with BTC rebounding after touching its 365-day moving average; CryptoQuant said this level has acted as support in current and previous market cycles.

While BTC currently trades at $83,460, CryptoQuant believes it has found support at its 365-day moving average of $76,100. A sustained plunge below this level would signal the onset of a bear market.

Market Still in Bearish Condition

Although market sentiment improved after Trump paused the tariffs, it is worth noting that BTC has recorded its largest drawdown of this cycle – a 27% correction. Data from CryptoQuant’s Bull Score Index shows the cryptocurrency is still in one of its least bullish phases in over two years.

As a raportat earlier by CryptoPotato, the Bull Score Index assesses bitcoin’s investment environment by evaluating nine on-chain indicators and one market metric. The model measures the conditions of the metrics from 0 to 100, with the former being bearish and the latter being bullish.

The index has now fallen to 10 after hovering around 20 since mid-March; a continued stay below 40 indicates weak investor sentiment and the beginning of a bear market. Besides that, only one metric is flashing bullish signals in the metric, which is the price of BTC hovering above its 365-day moving average. The remaining nine have mostly been bearish since February 23, when BTC was still changing hands at $96,000.

Meanwhile, analysts have marked the $84,000 and $96,000 levels as resistance zones if BTC continues its ascent in the coming days.

Postul US Tariff Pause Sparks Crypto Rally, But Bullish Momentum Remains Weak a apărut prima dată pe CryptoPotato.

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