Bitcoin Surges Past $81,500 – Will It Break $83,800 or Face Rejection?
Bitcoin (BTC) rebounded to $81,500, fueled by stronger-than-expected U.S. job openings (7.74M vs. 7.65M forecast) and former President Trump’s decision to delay 50% tariffs on Canadian steel and aluminum.
These developments eased recession fears and lifted risk assets, helping Bitcoin recover from its recent selloff.
However, institutional outflows of $876M, a Crypto Fear & Greed Index drop to 17, and rising liquidation pressures ($195M lost in 24 hours) indicate market uncertainty remains high. Investors now turn to upcoming U.S. inflation data, which could shape the Federal Reserve’s next move and Bitcoin’s trajectory.
Stronger U.S. Job Data Boosts Economic Confidence and Crypto Markets
On the data front, the latest JOLTs Job Openings report from the U.S. Bureau of Labor Statistics revealed 7.74 million open positions, surpassing the forecasted 7.65 million and marking an increase from the previous 7.508 million. This stronger-than-expected labor market data reduced fears of a potential economic slowdown and signaled resilience in the U.S. economy.
🚨BREAKING: US job openings JOLTS reads at 7.74m. Positive for the economy.
A resilient job market is generally not a sign that the Federal Reserve will cut interest rates soon.
THIS IS BEARISH FOR RISK ASSESTS! pic.twitter.com/vUHzLEefoz
— JezzaBTC (@JezzaBTC) March 11, 2025
Consequently, the strong job market boosts consumer confidence and spending, which can support risk assets like Bitcoin. Investors perceived this data as a positive economic indicator, fueling an uptrend in crypto markets, with the total market capitalization increasing by 5.7% in a day.
· U.S. job openings rose to 7.74M, beating forecasts.
· Strong job market boosted Bitcoin and risk assets.
· Crypto market cap jumped 5.7% in a day.
Trump’s Tariff Decision Eases Trade Tensions, Boosting Bitcoin Sentiment
Adding to the positive sentiment, Donald Trump halted his decision to double tariffs on Canadian steel and aluminum to 50%. Initially, Trump had threatened the increase in response to trade disputes but later opted to maintain the existing 25% tariffs instead. This move was seen as a de-escalation of trade tensions between the two North American countries, easing concerns about supply chain disruptions and economic instability.
Trump halts plan for 50% steel and aluminium tariffs on Canada https://t.co/mwIt7c6iOP
— Prime View News (@primeviewnews) March 12, 2025
Therefore, this decision eased trade tensions, improving market confidence. This boosted investor sentiment, reducing economic uncertainty and supporting Bitcoin’s price recovery as risk appetite increased.
Bitcoin Faces Pressure as Institutional Outflows and Market Fear Intensify
Despite Bitcoin’s recent gains, the broader crypto market remains under pressure. Institutional investors have been reducing exposure, with digital asset investment products witnessing $876 million in outflows last week, bringing the total four-week outflow to $4.75 billion. Bitcoin alone saw $756 million in withdrawals, dragging total assets under management (AUM) in digital funds to $142 billion, the lowest since November 2024.
Bitcoin Falls Below $80,000 as Investors Pull $4.75 Billion From Crypto Funds and Inflation Fears Grow https://t.co/8o2zEXVy3x
— Gold Eagle Price (@goldeagleprice) March 11, 2025
Meanwhile, the Crypto Fear & Greed Index has dropped sharply to 17 from its previous highs of over 92, signaling extreme fear in the market. This has triggered a wave of liquidations, with over $195 million in losses, including $161 million in long positions.
Investors are now turning their attention to upcoming U.S. inflation reports, including the Producer Price Index (PPI) and Consumer Price Index (CPI), which could impact Bitcoin’s trajectory. Meanwhile, Trump’s growing stance on tariffs and his administration’s policies on cryptocurrencies could introduce further volatility in the market.
· Crypto outflows hit $876M, Bitcoin lost $756M.
· Fear & Greed Index fell to 17, sparking $195M liquidations.
· Investors eye U.S. inflation data and Trump’s crypto stance.
Bitcoin Struggles at Key Resistance – Breakout or More Downside Ahead?
Bitcoin (BTC/USD) is trading around $82,548, down 0.11%, as it tests a descending trendline resistance near $83,739. The price remains stuck in a broader downward channel, while the 50-period SMA at $82,776 is acting as dynamic resistance.
Key Technical Levels to Watch:
Immediate Resistance: $83,739, followed by $86,822
Next Major Resistance: $89,645, with a breakout potentially leading to $92,815
Immediate Support: $79,961, followed by $76,663
Stronger Support Zone: $73,847, acting as a long-term safety net
A break above $83,739 could trigger a short-term rally toward $86,822, confirming a trend reversal. However, failure to clear this resistance could send BTC lower, with a potential retest of $79,961. Watch for increased volume to confirm any breakout.
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