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| Donald Trump U.S. Tariff |
Bitcoin Plummets from $88,500 to $82,900 Following Trump's Tariff Declaration
President Donald Trump's announcement of "Reciprocal Tariffs" on global trading partners instigated an immediate downturn in the cryptocurrency market. Bitcoin, which had surged to $88,500 preceding the announcement, plummeted to $82,900, erasing its daily gains. Major altcoins, including Ethereum, Solana, Binance Coin, XRP, and Dogecoin, followed suit, all registering declines.
Bitcoin Enters Short-Term Downtrend, Further Declines Anticipated
Technically, Bitcoin failed to breach the $86,000 resistance, entering a short-term downtrend. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators point towards potential further declines. Analysts suggest $83,500 may act as immediate support, but a breach could lead to a fall towards $81,000.
Trump's tariff declaration has instilled a risk-off sentiment in the market. In contrast, Gold, perceived as a safe-haven asset, surged, highlighting the divergent reactions to market uncertainty.
Future Market Direction Tied to Trump's Policies and Macroeconomic Data
The cryptocurrency market's trajectory hinges on Trump's subsequent trade policy announcements and critical macroeconomic indicators, such as the U.S. Consumer Price Index (CPI). A potential downward trend prevails in the short term, with investors likely to adopt a cautious stance.