Bitcoin (BTC) is confronting fresh selling pressure as trading begins on Wall Street, following varied opinions about its price trajectory.
Key Points:
- Bitcoin’s price is anticipated to potentially dip to $60,000 while also hoping for a recovery amidst market uncertainty.
- The cryptocurrency is experiencing repeated selling pressure as trading resumes in traditional finance this week.
- Current US tariffs are seen as significant drivers in the macroeconomic landscape.
Outlook for Bitcoin in a “Tricky Phase”
Data from TradingView illustrates that Bitcoin is trading within a range centered around $66,000, even as it dips about 2.5% during the trading day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US market weakness has intensified an already bearish sentiment as evidence of selling pressure became clear by the weekly opening bell.
As crypto analyst IT Tech remarked on X, “$BTC dropped $4,500 in one movement.” He expressed caution about the current price volatility, predicting a possible retest of the day’s low at $62,250, while noting, “If 65K proves inadequate, we will see a retest. Support remains at 65K and 64.2K, with resistance at 66.5K to 68.7K.”
Binance BTC/USDT 15-minute chart with order-book data. Source: IT Tech/X
Trader Jelle anticipates a possible trend reversal should cryptocurrency buyers fail to establish a base within a narrow price range.
Conversely, some traders remain optimistic, with commentator Exitpump hinting at a tentative recovery in the Coinbase premium, suggesting improved conditions ahead. “We had aggressive buying at current prices, but it has halted. The funding is negative; nonetheless, I maintain a bullish stance here,” Exitpump advised to followers on X.
Binance Bitcoin futures market data. Source: Exitpump/X
Crypto trader and analyst Michaël van de Poppe echoed similar sentiments, stating, “A strong wick in the BTC markets could signal a halt to further declines, yet we must stay above $65K for sustained movement going forward. Initial indicators are favorable.”
BTC/USDT 12-hour chart. Source: Michaël van de Poppe/X
Tariff Developments Impacting Crypto
US equities have commenced the week on shaky grounds due to anticipated new trade tariffs.
The blanket 15% tariffs were declared by President Donald Trump over the past weekend following judicial decisions affecting previous measures.
Responding to these developments, trading firm QCP Capital labeled the tariff situation as an “immediate catalyst” for Bitcoin. They stated, “This escalation exacerbates existing policy uncertainties while risk appetite weakens in the macro context.”
They also pointed positively towards a lack of severe market response to recent headlines. “Following numerous aggressive market flushes this year, we have observed a moderation in both volatility spikes and liquidation events,” they noted. “Even after Trump’s latest tariff news, the spot market didn’t immediately fall sharply; instead, it softened as Asian trading began. This notable adjustment is significant.”
Disclaimer: This article does not provide investment advice or recommendations. All trading involves risk, and readers should do their own thorough research. While we aim to deliver timely and accurate information, Cointelegraph cannot guarantee its completeness or reliability. Read More
