Bitcoin and other cryptocurrencies showed recovery on Friday following a downturn the previous day alongside traditional markets. Solana (SOL) and Dogecoin (DOGE) saw over 4% gains in the last 24 hours, leading the performance among major cryptocurrencies. Other currencies like XRP, BNB, and Tron recorded increases of 2-3%, while Ether (ETH) fell 2.4%, continuing a troubling trend that saw it lose 12% over the last week as most major currencies dropped around 2%.
Key Highlights:
- A 90-day pause on new tariffs (except those affecting China) announced on Wednesday led to a brief upturn across riskier assets, including cryptocurrencies.
- Analysts believe this development might pave the way for Bitcoin potentially hitting $100,000 before the year’s end.
Ming Wu, CEO of RabbitX, noted that this shift could inject confidence, remarking on how the announcement has “breathing space” while still applying pressure on China. He emphasized the technical landscape prior to this news, explaining that the significant price drops had left many assets oversold, leading to a recovery as investors stepped in at critical support levels.
Ryan Lee from Bitget Research pointed out Bitcoin’s impressive recovery of about 6% from its prior lows, stating, “The announcement regarding tariffs not only helped reclaim the $80,000 mark but also triggered a positive shift in the wider crypto landscape, driving a general upward trend.” Lee underscored a robust institutional demand for Bitcoin as a hedge during uncertain times.
Looking forward, the continuation of this upward momentum will depend on macroeconomic stability, ongoing technical analysis, and overall market sentiment. Traders are urged to watch key price levels closely.
