Prominent crypto analytics firm Swissblock says Bitcoin (BTC) may have yet to find a market bottom despite the US enacting a 90-day tariff pause. Swissblock says on the social media platform X that Bitcoin’s momentum to the upside is not yet a sign of a convincing breakout. “Don’t let your guard down yet! The 90-day trade war extension eases tensions, but we’re not out of the woods. Bitcoin breaks $78,000-$79,000, now holding above $80,000. Are we in the clear?” Swissblock says the Bitcoin Risk Signal – which uses several indicators, including price data, on-chain data and a selection of other trading metrics to gauge whether BTC is at risk of a major drawdown – is not yet indicating a market bottom has been reached. “Market risk must ease for a true bottom. It’s under control but still elevated, not in a low-risk regime yet. We need to see a clear decline in risk.” According to Swissblock, Bitcoin remains in a downtrend. “For the bottom to progress, market trend must signal formation. We’re in a downtrend phase, normal in bottoming cycles: bottom-downtrend-uncharted. The bottom is close, but not confirmed.” Swissblock says that for Bitcoin to confirm a bullish reversal, the flagship crypto asset needs to hold $80,000 as support. “Bitcoin must hold $80,000 and consolidate to break the downward compression. Strength and volume are key for a bullish shift.” Bitcoin is trading for $83,221 at time of writing, up 4.7% in the last 24 hours. Generated Image: Midjourney