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Arthur Hayes, co-founder of BitMEX, has expressed optimism about Bitcoin’s potential for a bullish breakout as the leading cryptocurrency experienced modest gains. His prediction comes amid broader market uncertainties, including pressures from risk assets and fluctuating bond yields.

Bitcoin’s Price Movement and Market Conditions

On April 11, Bitcoin climbed above $83,000, leading the cryptocurrency market higher despite facing vulnerabilities from external factors. Crypto market data revealed that BTC achieved intraday highs of $83,200 across major exchanges. However, this price movement coincided with volatility in the stock market fueled by ongoing tariff concerns.

Despite the market turbulence, Bitcoin showed resilience, even as the dollar index dipped. Arthur Hayes remains optimistic, attributing his bullish stance to the surging U.S. 10-year Treasury yield.

Arthur Hayes’ Bullish Outlook

Hayes shared his views on April 11 via social media, emphasizing that the U.S. 10-year Treasury yield surpassing 4.5% could trigger a policy response from Washington. In his opinion, such a response might arrive as early as the weekend, potentially setting Bitcoin on an upward trajectory.

“It’s on like donkey kong. We will be getting more policy response this weekend if this keeps up. We are about to enter UP ONLY mode for $BTC.”

Key Factors Driving Market Sentiment

One of the major concerns for investors is the ongoing trade war between the U.S. and China. Recently, the Chinese government announced retaliatory tariffs of up to 125% on U.S. imports, following the White House’s decision to impose 145% tariff hikes. This escalation has heightened uncertainty in global markets.

Market analyst Scott Melker highlighted the impact of yields and the U.S.-China trade tensions as primary downside catalysts for risk assets. He noted that rising bond yields were a key indicator of systemic stress.

“Another day living in the upside down… stocks open down, but yields are UP. Bonds getting slaughtered as the 10-year once again surpasses 4.5%.”

Expert Opinions Align

Hayes’ forecast aligns with insights from other market experts, many of whom believe that ballooning yields suggest deeper problems within the financial system. Notably, markets appeared to shrug off recent U.S. inflation data, further emphasizing the impact of bond yields on investor sentiment.

Earlier in the day, BlackRock CEO Larry Fink shared his perspective, stating that the U.S. economy was “very close” to a recession, if not already in one. He pointed to extended uncertainty due to the reciprocal tariffs and a 90-day pause in negotiations.

“I think you’re going to see, across the board, just a slowdown until there’s more certainty.”

Bitcoin’s Current Trading Levels

As of 12:20 ET on April 11, Bitcoin was trading around $82,346, reflecting modest gains amidst broader market challenges. Investors are closely watching for policy responses and shifts in macroeconomic conditions that could influence Bitcoin’s price trajectory.

For readers interested in cryptocurrency, finance, and investing, staying informed about market trends and expert opinions is crucial. Bitcoin’s price movements often serve as a bellwether for the broader cryptocurrency market, making it essential to monitor both macroeconomic factors and digital asset-specific developments.

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