Bitcoin’s Struggle: Tariffs, Trends, and Tantalizing Tumbles!

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Ah, dear reader! Gather ’round as we delve into the curious case of Bitcoin, that elusive creature of the digital realm, still floundering amidst the tempestuous winds of tariff warfare! Our illustrious leader, President Donald Trump, continues his grand crusade against the world, wielding tariffs like a sword of Damocles. A recent proclamation to impose a staggering 25% tax on all steel and aluminum entering the United States may very well cast a pall over the stock market, leaving it as gloomy as a rainy day in St. Petersburg. And what of our dear Bitcoin (BTC)? Alas, it still grapples with the Herculean task of reclaiming the fabled $100,000! 🥴

Tariffs: The Gift That Keeps on Giving

Oh, how the trade war spreads like a particularly virulent strain of the common cold! Initially confined to our neighbors, Canada and Mexico, and the ever-mysterious China, our President now casts his gaze upon Europe, contemplating tariffs that could rain down upon them as early as Tuesday or Wednesday. One can only imagine the European leaders quaking in their boots! 😱

While these tariffs may serve as a mere bargaining chip for Trump, they threaten to wreak havoc on the good citizens and businesses of the United States. Car prices, they say, could soar by an additional $3,000, according to the wise sages at TD Economics, as quoted by the venerable BBC. One must wonder, will we soon be trading our cars for bicycles? 🚲

History, that ever-watchful guardian, reminds us that tariffs rarely benefit either the oppressed or the oppressor. Thus, we might expect these tariff skirmishes to be but fleeting gusts in the grand economic storm. Yet, should these tariffs linger like an unwelcome guest, they could cast a long shadow over the global economy, dragging it down like a leaden anchor. ⚓

Bitcoin: A Local Tragedy

In this peculiar macroeconomic theater, Bitcoin finds itself in a tragicomedy of errors, desperately trying to maintain its bullish façade. Since reaching the dizzying heights of $109,000 on that fateful day of January 20, it has plummeted to a local nadir of $91,000. Will it rise again, or is it destined to remain in this pitiful downtrend? 🤔

Higher Highs or Lower Lows?

Currently, our beleaguered Bitcoin is locked in a fierce battle against the formidable resistance at $97,000, with further obstacles looming ominously up to $99,000. A descending wedge has formed, a veritable prison for our bullish heroes! Breaking free from this confinement is their utmost priority, lest they be condemned to another dip down to the depths of despair at $91,300. 😩

February: A Month of Stagnation?

The daily chart reveals a $14,000 range, stretching from $92,000 to $106,000, a veritable rollercoaster of emotions! The bulls must conquer the next two lows at $100,200 and $102,500 to have a fighting chance at the summit of this range. But alas, the short-term Stochastic RSIs are inching toward the overbought territory, while the weekly Stochastic RSI descends like a melancholic poet. Will March bring renewed vigor, or will we languish in this range-bound purgatory? Only time will tell! ⏳

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2025-02-10 15:03