Bitcoin Price Update: $96K Target on the Horizon

The cryptocurrency market displayed relative stability on Tuesday, even amid prevalent concerns over the effects of tariffs imposed by the Trump administration on the overall economy.

Within a 24-hour window, Bitcoin (BTC) increased by 1%, hovering around $95,400, approaching the $96,000 mark for the first time since late February. The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization, excluding stablecoins and various specialized coins, rose by 1.1%. Notably, Bitcoin Cash (BCH) led the index with a notable 6.3% increase.

Stocks related to cryptocurrency saw subdued trading on Tuesday, with Coinbase (COIN) and MicroStrategy (MSTR) advancing by 0.9% and 3.3% respectively. Janover (JNVR) capitalized on its strategy of accumulating SOL, experiencing a surge of 16%.

The stock market continued its rebound from the initial panic triggered by early April’s tariff announcements, with the S&P 500 and Nasdaq rising by 0.55% each.

Some market analysts observed that current performance appears disconnected from the growing economic data indicating a slowdown in U.S. economic activity due to the policies enacted by the White House regarding tariffs.

A recent survey from the Conference Board revealed that consumer confidence has dropped to its lowest level since May 2020, with consumer outlook reaching its lowest point since 2011. Additionally, the JOLTS report showed that job openings fell to 7.19 million in March, below the anticipated 7.5 million.

In new developments related to tariffs, Secretary of Commerce Howard Lutnick announced that an agreement has been reached with an undisclosed nation, although it still awaits ratification by its leaders.

A Word of Caution on the Rally

Jeff Park, the head of Alpha Strategies at Bitwise, expressed skepticism on X, stating, “It’s difficult to understand how oblivious the market really is. A Fed rate cut is inconsequential if the U.S. creditworthiness is permanently challenged by the global community due to dollar weaponization.” He commented on recent speculation regarding potential rate cuts by the Federal Reserve to mitigate the impact of Trump’s tariffs, emphasizing that the focus on impending rate hikes is secondary if the concept of "risk-free" is fundamentally undermined, suggesting a global increase in capital costs.