Bitcoin (BTC) experienced a rise of more than 1.5% to reach $84,900 on Saturday, aiming to exit a three-month downtrend. This fluctuation followed the recent announcement from the Trump administration regarding new guidelines on reciprocal tariffs, which included exemptions for products like smartphones, computers, chips, and various electronics.
The U.S. Customs and Border Protection specified that these exclusions would allow the mentioned products to be exempt from President Trump’s 125% tariff on China and his fundamental 10% global tax.
“The U.S. imports over $60 billion worth of smartphones annually. These exemptions represent some of the most vital imports and indicate the U.S. conceding in the trade battle. Ultimately, the bond market is pressuring Trump to yield,” noted a financial commentary on X.
Trade tensions between the U.S. and China spiked this week with each side imposing tariffs exceeding 100% on one another’s goods. However, portions of the financial market began to reflect expectations of disinflation in the U.S., contradicting widespread inflation fears and suggesting the Federal Reserve might soon have room to lower interest rates.
The chart indicates that BTC is attempting to establish stability above the descending trendline that has characterized the significant sell-off from its peak values above $109K. A successful breakout from this trendline might attract additional chart-focused buyers to the market.
Additionally, leading alternative cryptocurrencies such as ETH, XRP, and ADA saw gains of approximately 6% in a single day, signaling a trend of increased appetite for risk throughout the broader cryptocurrency market. The total market capitalization of the leading two stablecoins, USDT and USDC, remained steady above $200 billion, just below their all-time highs.
This positive trajectory within the cryptocurrency market, which was open for trading throughout the weekend, hints at the likelihood of favorable price movements on Wall Street when trading resumes on Monday.