The recent decision by Donald Trump to pause tariff increases, along with signs that inflation is slowing down, has stopped the recent selling trend in the market. As a result, more holders are buying Bitcoin again, and many believe it could reach $100,000 this month. However, sellers continue to weaken hopes of a bullish comeback. Amid this, activity on the Bitcoin network has gone up, which supports the potential that the current recovery in Bitcoin might continue.
In the past 24 hours, Bitcoin has been on a strong upward run, climbing close to $83,500. According to Coinglass, nearly $156 million worth of positions were liquidated during this rally—$43 million from buyers and $113 million from sellers.
At the same time, Bitcoin’s network activity has picked up. Data from Blockchain.com shows that the Bitcoin hashrate, a metric to measure how much computing power is securing the network, touched a new all-time high of 924.98 EH/s. It’s now getting close to the historic milestone of 1,000 EH/s.
This surge in hashrate has been building since April 2 and shows increased activity on the network despite the recent crash. Blockchain data shows a big jump in transaction volume and the number of new Bitcoin addresses being created. Over the last week, daily transactions are up 12.7%, and new addresses have increased by 16%, showing more traders are getting involved in Bitcoin.
The recent spike in on-chain activity could help keep Bitcoin’s price above $80,000 and may even push it higher. Open interest has also gone up, now sitting around $53 billion—a more than 3% increase.
However, Bitcoin faced resistance above $83,000, which has made market sentiment more cautious. The long/short ratio has dropped to 0.6824, meaning more traders are now betting on the price going down. At the moment, about 60% of traders expect a pullback, while 40% still believe Bitcoin could continue to rise.
Bitcoin is currently showing signs of weakness after failing to stay above the $80,000 mark. It saw a sharp drop, falling as low as $78,000 due to strong selling pressure. Right now, buyers are trying to push the price back up toward the 23.6% Fibonacci resistance level. At the moment, Bitcoin is trading around $79,066—up 2.22% over the last 24 hours.
Looking ahead, the BTC/USDT pair is facing a tough resistance zone between $80,000 and $85,000. If buying momentum picks up, it could help Bitcoin avoid a bigger drop. A move above $84,000 might open the door for a rally toward $89,000.
On the other hand, if buyers lose steam near $85K, the price could fall again, possibly down to around $74,650.
The RSI (Relative Strength Index) is currently at 36, which is near the oversold zone. This shows selling pressure is still strong, and if it continues, Bitcoin could dip below $75,000—making a quick recovery much less likely.
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