Bitcoin (BTC) price opened the week with strength, rallying to a daily high at $88,804

Bitcoin (BTC) price opened the week with strength, rallying to a daily high at $88,804, which was met by praise from analysts

Bitcoin (BTC) price started the new week with strength, hitting a daily high at $88,804, which saw analysts comment that the $90,000 to $92,000 appeared to be the key level to watch in the short term.

The market found strength after US President Donald Trump suggested that his April 2 “tariff number” announcement could be softer than expected after cars and microchips were removed from the list.

“The White House’s decision to walk back the threat of broad tariffs and to deploy a more targeted approach suggests Trump is wary of an economic backlash,” added Ben Yorke, the vice president of ecosystem at WOO.

Proof of the market’s positive response to the tariff news can be seen in the increase in Bitcoin futures open interest, where the general assumption is that traders used leverage to open new margin-long positions.

BTC/USDT 1-hour chart. Source: MacroCRG / X

The return of the Coinbase Premium - a measure of the percentage difference between BTC price at Coinbase Pro and Binance - and a 7th consecutive day of spot BTC ETF inflows are also signs that spot demand is returning to the market and could signal an improvement in sentiment as Bitcoin’s last few weeks of price action had been defined by selling and the use of perpetual futures to drive price action within the current range.

Bitcoin Coinbase premium index. Source: CryptoQuant

Data from SoSoValue shows US spot Bitcoin ETF net flows of $84.17 million.

Total spot Bitcoin ETF net inflow. Source: SoSoValue

Is a rally to $100K back on the cards?

While the return of the Coinbase premium and positive net flows to the spot BTC ETFs is a sign of improving sentiment, the question of whether the current bullish momentum has enough energy to push Bitcoin back above $100,000 is still unanswered.

“We’re witnessing the alignment of both structural and narrative factors driving this upward trend of the movement of Bitcoin,” said Lingling Jiang, a partner at DWF Labs.

Jiang told Cointelegraph:

“The macroeconomic backdrop is shifting with the potential for a pivot by the Fed, and there's a growing awareness of the role of Bitcoin as a hedge against inflation and a store of value in an increasingly uncertain world.

This narrative is being amplified by the integration of Bitcoin by institutional investors and major companies like Meta, which are introducing stablecoin payments on WhatsApp in several countries.”

From a technical analysis perspective, Bitcoin continues to be contained within the range that had defined its price action from November 2024 until February 2025. While the price trades above the 20-day and 200-day moving average, it remains capped at the descending trendline resistance, which is also aligned with the 50-day moving average ($89,500 - $90,000).

BTC/USDT 1-day chart. Source: TradingView

According to independent market analyst Scott Melker, Bitcoin’s 4-hour relative strength index indicator has shown a “clear bullish trend, with a series of higher lows and higher highs.”

In a March 24 X post, Melker said:

“It's a strong indicator of the current trend, and it's still in overbought territory, which could limit further upside in the short term.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.