Will Bitcoin Continue Its Dip After Trump's Tariff Announcement?Macro:
- President Trump's recent tariff announcement has triggered sharp volatility in the crypto market, with Bitcoin falling below $84,000 amid fears of a global trade war and economic slowdown.
- The Crypto Fear and Greed Index remains in "Extreme Fear," signalling cautious investor sentiment.
- Despite the turbulence, institutional interest in Bitcoin remains strong, with firms like Strategy continuing to increase their holdings, showing long-term confidence in the asset.
Technical:
- BTCUSD is captured within a descending channel. The price rejected EMA21 after retesting it, indicating bearish momentum.
- If BTCUSD closes below the support at around 82000-82300, the price may retest the following support at 73000.
- On the contrary, closing above the resistance at 88500 may lead the price to approach the next resistance at 92000.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness