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As US President Donald Trump’s reciprocal tariffs on specific countries are implemented, the global cryptocurrency and equity markets have experienced sharp declines. set The new law will take effect April 9, 2019. The leading cryptocurrency, Bitcoin (BTC), has declined by more than 7% in the past 24 hours, and analysts predict further near-term challenges for the digital asset.
US Tariffs Drive Cryptomarket Rout
Trump’s 10% baseline tariffs for all countries took effect on the 5th of April, while higher country-specific tariffs will be implemented on April 9th. The developments are a concern. raised fears of a global recession and widespread job losses.
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The digital assets market has felt the impact of these tariffs, with BTC slipping over 7% in the past 24 hours – from approximately $82,300 on April 6, to a low of around $74,500 earlier today.
Altcoins including Ethereum (ETH), Solana SOL, and XRP, have seen even bigger drops, falling by 17.2% respectively, 16.8%, and 15.8% over the last 24 hours. Similarly, the total crypto market capitalization has shed almost $130 billion during the same period.
Commenting on BTC’s price action amid the market turmoil, seasoned crypto analyst Ali Martinez highlighted that there may be more challenges ahead for the leading digital asset, as it has flashed the infamous death cross on the daily chart, indicating the potential for further price pullbacks.
Uninitiated traders may not be aware of a death-cross, which is a bearish-looking technical indicator that occurs when the 50 day moving average (MA), drops below the MA for 200 days. This often indicates a possible downtrend in the market or an increase in selling pressure.
Peter Brandt, a veteran trader, shared the chart below, which shows BTC in a triangle-like pattern with an wedge retest at $81,024. The trader hinted that BTC may follow a drop to the 50% retracement level of $54,000.
To elaborate, a symmetrical triangle pattern in trading is a chart formation where the price consolidates with converging trend lines connecting a series of lower highs and higher lows, indicating a period of indecision before a potential breakout in either direction.
Similarly, a wedge retest refers to the price action where, after breaking out from a wedge pattern – a formation with converging trend lines – the price returns to test the breakout level before continuing in the breakout direction.
Is There a Way to Stack Bitcoins?
Some investors are taking advantage of this opportunity. While the increased fears about further BTC price drops have unnerved traders and investors, others see it as a chance to make money. accumulate more BTC at lower prices.
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In a recent study, CryptoQuant’s analyst BorisVest examined the data. emphasized Investors could benefit from a good risk/reward scenario if BTC drops between $65,000 and $71,000. At press time, BTC trades at $76,678, down 7.5% in the past 24 hours.
Charts from TradingView.com and X, with images created by Unsplash.
“This article is not financial advice.”
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Source: www.newsbtc.com
