Key Targets for Bitcoin Today
Bitcoin (BTC) price faced a setback on Tuesday as it failed to sustain above the $100k mark, amidst renewed optimism surrounding the United States-Mexico-Canada Agreement (USMCA). The upcoming meeting between US President Donald Trump and Chinese President Xi Jinping has also added to the uncertainty, with Beijing planning to impose a 15 percent tariff on U.S. coal and liquefied natural gas (LNG) in the near future.
The current macroeconomic climate has had a negative impact on major stock indexes, leading to a bearish outlook. Given the strong correlation between the crypto industry, particularly Bitcoin, and traditional stock markets, many experts are advising caution and suggesting profit-taking.
Looking ahead, Bitcoin price is likely to continue its downward trend, with a potential dip below the $96k support level and a midterm target of around $91k. The bearish sentiment could only be reversed if Bitcoin breaks out of the current falling trend in the four-hour time frame.
Market Picture
The uncertainty caused by the ongoing tariff wars has been further complicated by talks of establishing a strategic Bitcoin reserve in the United States. Despite the federal government’s executive order to assist in creating a BTC reserve, individual states have taken matters into their own hands, leading the way in this initiative.
On a different note, BlackRock’s IBIT has been aggressively accumulating more Bitcoins, with a net cash inflow of $249 million recorded on Tuesday, bringing their total net assets to approximately $57.7 billion. This indicates a growing interest in Bitcoin as a strategic asset in the financial market.