Bitcoin price opened the week with strength, rallying to a daily high at $88,804, which was met by praise from analysts who have identified the $90,000 to $92,000 zone as the key price level to hit in the short term. 

The market found strength on March 24 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. 

According to Ben Yorke, the vice president of ecosystem at WOO, “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.”

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. 

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. 

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

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 remains unanswered.