Bitcoin price rallied 3.74% to approximately $89,300, following U.S. President Donald Trump’s announcement to pause new tariffs. While this eased some macroeconomic uncertainty, on-chain analysts argue the underlying Bitcoin trend remains bearish, with data showing whales accumulating as retail investors exit.
Bitcoin recovered to $89,300 after a recent rally, as stated by CryptoQuant analyst Julio Moreno. This move followed a decision from U.S. President Donald Trump to pause imposing new tariffs after a meeting with NATO Secretary General Mark Rutte.
The development provided a temporary easing of geopolitical market uncertainty. However, the overall Bitcoin price trend is currently considered bearish by analysts.
Market data indicates whale balances have been climbing while retail investors leave. For a sustained recovery towards $90,000, the market would need decisive spot buying activity.
Analyst Julio Moreno argued the market is searching for narratives to fit biases while ignoring data. “S2F failed. Power law failed. M2 failed. Business cycle failed,” he noted in a post.
Axel Adler Jr further reported that the crypto winter is deepening. This contradicts the perspective of some investors who see the dip as a prelude to new all-time highs.
This analytical confusion is highlighted by traditional indicators like the Bitcoin Rainbow Chart. That chart, sourced from the Blockchain Center, did not approach a market top during this cycle.
Similarly, the Pi Cycle Top indicator, mentioned on BM Pro, also failed to fire a sell signal. This indicator had successfully predicted the three previous cycle tops.
On-chain analysts therefore agree the data points to a bear market. This conclusion stands in stark contrast to the signals from several traditional market top indicators.
