Bitcoin (BTC) increased by over 1.5% to $84,900 on Saturday, aiming to end a three-month downtrend following new guidance on reciprocal tariffs from the Trump administration, which included several product exemptions such as smartphones, computers, chips, and various electronics.
These exemptions, released by U.S. Customs and Border Protection, concern items affected by President Donald Trump’s 125% tariff on China and his standard 10% global tariff.
“The U.S. imports more than $60 BILLION worth of smartphones annually. These exemptions encompass some of the most vital imports, indicating a concession by the U.S. in the trade war. After all, the bond market is compelling Trump to make concessions,” stated The Kobeissi Letter on X.
This week, trade tensions flared between the U.S. and China, with both nations imposing import tariffs exceeding 100% against each other. However, certain sectors of the financial market have begun to factor in disinflation in the U.S., countering widespread inflationary concerns and hinting that the Fed may have room to lower interest rates soon.
The chart indicates that BTC is attempting to secure a position above the declining trendline that defines the sharp sell-off from the peak above $109K. A so-called trendline breakout could attract additional chart-driven buyers to the market.
At the same time, prominent alternative cryptocurrencies like ETH, XRP, and ADA experienced a surge of 6% during the day, signaling a trend of increased risk appetite across the broader cryptocurrency market. The total market capitalization of the top two stablecoins, USDT and USDC, remained stable above $200 billion, just below record levels.
This positive trend in the cryptocurrency market, which reopened for trading over the weekend, hints at the possibility of price increases on Wall Street when trading resumes on Monday.
