Prominent crypto analytics firm Swissblock says Bitcoin (BTC) may have yet to find a market bottom despite the US enacting a 90-day tariff pause.
Swissblock says on the social media platform X that Bitcoin’s momentum to the upside is not yet a sign of a convincing breakout.
“Don’t let your guard down yet! The 90-day trade war extension eases tensions, but we’re not out of the woods. Bitcoin breaks $78,000-$79,000, now holding above $80,000. Are we in the clear?”
Swissblock says the Bitcoin Risk Signal – which uses several indicators, including price data, on-chain data and a selection of other trading metrics to gauge whether BTC is at risk of a major drawdown – is not yet indicating a market bottom has been reached.
“Market risk must ease for a true bottom. It’s under control but still elevated, not in a low-risk regime yet. We need to see a clear decline in risk.”
According to Swissblock, Bitcoin remains in a downtrend.
“For the bottom to progress, market trend must signal formation.
We’re in a downtrend phase, normal in bottoming cycles: bottom-downtrend-uncharted.
The bottom is close, but not confirmed.”
Swissblock says that for Bitcoin to confirm a bullish reversal, the flagship crypto asset needs to hold $80,000 as support.
“Bitcoin must hold $80,000 and consolidate to break the downward compression. Strength and volume are key for a bullish shift.”
Bitcoin is trading for $83,221 at time of writing, up 4.7% in the last 24 hours.
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