Cryptocurrency markets are in a state of flux as traders await President Donald Trump’s upcoming announcement regarding reciprocal tariffs targeting 15 countries. The U.S. Treasury Secretary Scott Bessent has confirmed that the announcement will take place at 4 PM in the White House Rose Garden.
Despite the uncertainty looming over the market, Bitcoin (BTC) continues to show strength. Currently trading at $86,750, Bitcoin has experienced a more than 2% gain. The price of BTC briefly surged to $87,300 before experiencing a slight pullback.
Bitcoin is currently breaking out of a bullish flag pattern, with the Ichimoku cloud above showing signs of thinning. This suggests that Bitcoin could maintain its upward momentum and potentially push even higher in the near future.
However, there is expected short-term volatility in the market due to the tariff news. If Bitcoin faces rejection at the $85,400 resistance level and starts to retrace, it could potentially drop towards the next support level around $80,000. In the event of a negative reaction to the tariff announcement, Bitcoin could test the $77,000 level, a price point it previously touched in late February and mid-March.
Overall, while Bitcoin remains strong and poised for potential gains, traders should remain cautious and vigilant in light of the impending tariff news. It is essential to closely monitor market movements and developments to make informed trading decisions.
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