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Bitcoin (BTC) Price: Rebounds to $85,000 Following Recovery from $74,500 Low
The price of Bitcoin (BTC) has rebounded significantly since its recent low at $74,500, reaching a high of $85,000. This rapid recovery is largely attributed to the asset’s strong correlation with global liquidity, which has seen an impressive 83% alignment over any given 12-month period. As such, should the debt ceiling negotiations extend beyond August and net liquidity surge to a multi-year high of $6.6 trillion, Bitcoin may experience a strong favorable tailwind.
Technical analysis suggests that Bitcoin is poised for further gains in the near-term. The asset has maintained its bullish stance above its 50-weekly moving average and quarterly open above $82,500, significantly reducing the probability of revisiting previous weekly lows. While there are potential resistance zones at $88,000 and $92,000, a short-term trend approaching $90,000 appears increasingly likely.
However, if Bitcoin fails to break through the $85,500 resistance zone, it may initiate another decline. In this scenario, immediate support would be found near the $84,200 level, followed by major support at $83,500.
Some analysts have even set a more ambitious target of $137,000 by July-August 2025, citing a bullish pennant pattern on the daily chart. To validate this view, Bitcoin must first break and hold above its 200-day exponential moving average (EMA) and overcome resistance from the 50- and 100-day EMAs.
A positive climate for Bitcoin has also been fueled by recent changes in US fiscal policy. Treasury yields have fallen significantly, with the 2-year yield dropping 8 basis points to 3.89% and the 10-year yield falling 8.2 basis points to 4.40%. This decline coincided with news of likely tariff exemptions on semiconductors, laptops, and smartphones, introduced to allow US businesses time to relocate manufacturing domestically. Typically, lower treasury yields reduce the attractiveness of fixed-income assets, causing capital to flow towards risk-on assets like Bitcoin.
Despite this rally, traders remain cautious regarding a move beyond $90,000 in the near future due to low futures premiums and neutral options skew indicators. Nonetheless, maintaining its position above $85,000 has allowed institutional adoption and supportive macroeconomic factors to continue providing a foundation for potential further gains.
Bitcoin continues to demonstrate resilience amidst global uncertainty, solidifying its reputation as a safe-haven asset.
Source: https://blockonomi.com/bitcoin-btc-price-rebounds-to-85000-following-recovery-from-74500-low/
