The cryptocurrency market was on the rebound on Tuesday, and Bitcoin was already above $98,000 after the weak weekend. This weekend downturn was caused by the new U.S. tariffs that investors were worried about. It was noted that the world’s largest cryptocurrency market capitalization was trading at $98,197 as of 9:30 AM UTC. This is an increase of 0.54% in the past 24 hours. The rebound has been driven as investors eagerly look forward to Federal Reserve Chair Jerome Powell’s semiannual monetary policy testimony before the Senate Banking Committee later today. Investors are closely observing Powell’s statements on tariffs and inflation, as these are anticipated to be the most controversial ones among the market participants- in the case of their occurrence.

Meanwhile, other major cryptos have been in the gainers’ camp, which was the case with Ethereum. It rose by 1.71% to $2677.21. Dogecoin also made a jump of 3.46% up to $0.2574. The global cryptocurrency market cap stood at over $3.2 trillion, which represented a 24-hour increase of 0.96%. But in spite of the recent vulolarity, most analysts are self-assured that the potential of the crypto market is still promising. Alankar Saxena, Co-founder and CTO of Mudrex, who expects Bitcoin to see this landmark very soon, has noted that Bitcoin is slowly rising to exceed the $100,000 mark. Nonetheless, he opted for the cautious path by saying the cryptocurrency must resist the resistance level located at $96,600 in order to reach its upward trajectory.

The crypto market’s recovery has taken place against the backdrop of increasing regulatory scrutiny and geopolitical tensions. On the other hand, former U.S. President Donald Trump hiked the tariffs on steel and aluminum imports by 25% on Monday, and a 10% tariff on imports from China had already been imposed in the previous month. Such actions have brought about some investor concern, as Shivam Thakral, CEO of BuyUcoin, said. Thakral observed that while the short-term triggers hardly exist, a turn towards regulatory clarification and growing adoption would be the main growth drivers in the following months for the crypto space.

Bitcoin is being analyzed through the technical approach. The digital currency is seen now as it is trying to test the key support area where the 100-day moving average is positioned. Sathvik Vishwanath, the CEO and co-founder of Unocoin, first mentioned that this is the level that in the past has shown the bull rally. He also said that there is on-chain data that allows one to note the outflow from the exchanges and that it signals the large holders gather, hence the decrease in supply on platforms, which could be an advantage for the bull. Nonetheless, even after dropping the price of Bitcoin, the digital currency is still in the range of $90,000 to $108,000, and a breakout from there would be the only way to establish a bullish or bearish scenario.