Bitcoin climbs above $89,000 as U.S. dollar falls after Trump remarks

Bitcoin climbed above $89,000 on Tuesday as the U.S. dollar tumbled following remarks by President Donald Trump.

The president said "the dollar is doing great" and that he wasn't concerned about the greenback's recent declines, and the U.S. dollar index (DXY) fell to 95.80, its weakest level in about four years. Bitcoin, which had caught a modest bid around $88,326.08, advanced to $89,300, up 2.2% over the past 24 hours. Ethereum's ether bounced above $3,000, higher by 3.9%, and gold pushed to a record $5,215, up 1.8% for the session.

While crypto's short-term outlook "remains challenged," some technical analysts see signs of a reversal. Bitcoin Vector, the research service from Swissblock and analyst Willy Woo, said a bullish divergence between bitcoin's price and its RSI is forming and noted similar setups have historically yielded returns of around 10%. "We are likely at the genesis of a major bullish reversal," Bitcoin Vector said, adding that "a return to $95,000 is looking likely." It remains uncertain whether that reversal will materialize broadly across markets.