- Trump’s tariff announcements and the resulting US-China trade war have shocked markets, with tariffs on Chinese goods now at 145% and analysts warning of lasting psychological damage to markets and corporations.
- Glassnode analysts note that “loss-taking events” are decreasing with each dip, suggesting potential seller exhaustion in the near term.
- Technical analysis indicates Bitcoin needs to reclaim the US$93K level to reestablish upward momentum, while holding the US$65K-$71K range remains crucial for maintaining bullish support.
The wild ride continues, with most cryptocurrencies in the red again. Following days of ups and downs and a back-and-forth with tariffs, it looks like we are not getting any relief anytime soon.
Bitcoin dropped as low as US$78,705 (AU$127,099) in the early hours of Friday trading, only to recover to US$80,476 (AU$129,956) at the time of writing.
At the same time, gold prices are skyrocketing, once again demonstrating that it remains the number-one safe-haven asset.
US-China Trade War Continues
Trump’s tariff announcements have shocked markets, with major financial indices dropping double digits, something not seen since Covid times. After a pause announcement, markets briefly recovered, only to realise there’s a more sinister trade war brewing between the United States and China.
Related: On The Radar – What to Watch This Week in Crypto
Trump retaliated against China’s retaliatory tariffs, predictably prompting further levies by China on US imports.
The standoff between the world’s largest economies still has investors on edge, worrying where it may lead.
Some analysts believe the worst is yet to come, as the White House confirmed the current tariffs on China stand now at 145%.
Peter Cardillo, chief market economist, Spartan Capital Securities said the tariff saga has done “a lot of psychological damage […] not only to the markets, but to corporate America as well”.
Bitcoin’s Way Forward: $250k by Year’s End or Lower Lows First?
Meanwhile, Cardano founder Charles Hoskinson said that eventually markets would stabilise and “get used to the new normal”. He also predicts that Bitcoin will reach a new all-time high of US$250k (AU$403k) by the end of the year.
Glassnode analysts support the idea, writing in a recent note to investors that sentiment “may be approaching a degree of near-term seller exhaustion”.
They added that “loss-taking events” are getting fewer for Bitcoin and Ethereum investors with every consecutive dip.
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The analysts believe that Bitcoin needs to reclaim the US$93k (AU$150k) level to regain upward momentum, while holding the US$65k–$71k (AU$105k-115k) range is crucial for bulls to maintain support.
Confluence between on-chain and technical models suggests that $93k is a key area of interest which must be reclaimed before upward momentum is re-established. On the downside, the $65k to $71k region remains a critical threshold for the Bitcoin bulls to hold.
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