“Tariff Tussle: Will Bitcoin Break Free or Break Down?”
As the world holds its breath, Bitcoin (BTC) has reached new April highs at the April 2 Wall Street open, a defiant gesture in the face of impending US “Liberation Day.” 🤣
Bitcoin teases breakout in US tariff countdown
Data from CryptoMoon Markets Pro and TradingView showed local highs of $86,444 on Bitstamp, a feat not seen since March 28. But will it hold? 🤔
Volatility remains high as the world waits for US President Donald Trump’s address from the White House Rose Garden at 4 pm Eastern Time, where he will unveil a sweeping round of reciprocal trade tariffs. 📣
While US stocks traded slightly down after the open, Bitcoin managed to claw back lost ground, acting in a key area of interest filled with long-term trend lines. 💪
As CryptoMoon reported, these include various simple (SMA) and exponential (EMA) moving averages, among them the 200-day SMA — a classic bull market support line currently lost. 🚨
In his latest observations, popular trader and analyst Rekt Capital made additional reference to the 21-week and 50-week EMAs. 📊
“The consolidation between the two Bull Market EMAs continues. However, the 21-week EMA (green) represents lower prices as it declines,” he wrote in a post on X alongside an illustrative chart. 📈
“This week the green EMA represents $87650. The declining nature of this EMA will make it easier for $BTC to breakout.”
Rekt Capital flagged more bullish news in the making, thanks to BTC/USD attempting to break out of an extended downtrend on daily timeframes. 🚀
He confirmed:
“Bitcoin is one Daily Candle Close above & retest of the Downtrend away from breaking out into a new technical uptrend.”
Last month, Bitcoin’s daily relative strength index (RSI) metric broke free from its own downtrend that had been in place since November 2024. 🎉
Analysis warns $76,000 BTC price may return
Continuing on the macro picture, however, trading firm QCP Capital was uninspired. 🤦♂️
Risk assets, it told Telegram channel subscribers on the day, were likely to “remain under pressure” following the tariffs announcement. 📊
“In crypto, sentiment remains broadly subdued. BTC continues to trade without conviction, while ETH is holding the line at $1,800 support. Across the board, crypto markets are showing signs of exhaustion with numerous coins down 90% YTD, with some shedding over 30% in the past week,” it summarized.
Previous tariff moves in Q1 almost unanimously delivered downward BTC price reactions. 🚨
Other industry participants were more hopeful, including asset management firm Swissblock, which argued that “no sign of an imminent collapse” occurred on Bitcoin. 🙏
“Will $BTC hold as a hedge, or follow TradFi into a pullback?” it queried in an X thread on March 31, describing BTC price action as being “at a crossroads.” 🤔
Swissblock saw the potential for a return to $76,000 multimonth lows in the event of a negative reaction — a drop of 11% versus current levels. 😬
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2025-04-02 18:27