Bitcoin tests resistance at $85,526, likely to consolidate; details here

Crypto market update: The crypto market is navigating a phase of cautious bullishness, with Bitcoin (BTC) trading higher by nearly 2 per cent and Ethereum (ETH) at 3 per cent, posting steady gains. Bitcoin briefly tested resistance at $85,526 before pulling back, signaling potential consolidation in the near term.

 

April has historically been a strong month for crypto, but broader market sentiment, Riya Sehgal, research analyst, Delta Exchange, said, remains cautious amid macroeconomic uncertainties. "The upcoming ISM Services PMI, US Non-Farm Payrolls (NFP), and Fed Chair Jerome Powell’s speech could drive volatility, alongside former President Donald Trump’s tariff announcement," Sehgal said. These factors, she said, may cause fluctuations in IV, leading to both periods of contraction and expansion.

 

 

That said, at around 10:47 AM on Wednesday, April 2, 2025, Bitcoin, the world’s largest cryptocurrency, was quoted trading at around $84,449.6, up 1.65 per cent. Bitcoin has traded in the range of $85,487.37 to $82,550.70 in the last 24 hours. The 24-hour trading volume for the flagship currency is $28.46 billion, while its market capitalization stands at approximately $1,675.9 billion, according to data sources from Binance.  ALSO READ | Bitcoin may challenge US Dollar's dominance, says BlackRock CEO

 

For Bitcoin, Sehgal said, holding above $83,500 is key to maintaining its bullish structure. A decisive break above $85,500 could open the door for further upside, but near-term consolidation remains likely.

 

On the technical front, Bitcoin’s RSI has rebounded from oversold levels, suggesting further upside if momentum continues, said Alankar Saxena, co-founder and CTO of Mudrex. However, Saxena advises investors to remain cautious, as Trump’s announcements later today could further influence the market direction. "If Bitcoin sustains at these levels, a move above $87,000 is possible, with key support standing at $80,000," Saxena said.

 

Meanwhile, Ethereum (ETH), which is the world’s second-largest cryptocurrency by market capitalization, is also trading higher on Wednesday. Ethereum was quoted trading at around $1,859.42, up 3.21 per cent. According to Sehgal, Ethereum currently faces key hurdles around the $1,920 levels.  ALSO READ | Bitcoin's market cap will eventually reach $500 trn, says Michael Saylor

 

Meanwhile, among the other popular cryptocurrencies, Binance Coin (BNB) and Ripple (XRP) were trading higher by nearly 2.42 per cent and 0.94 per cent, respectively. Solana (SOL), on the other hand, traded lower by nearly 1 per cent.