The Bitcoin market has been experiencing significant bearish pressure since the beginning of the week, with the selling pressure mounting and the price dropping below crucial support levels. Despite this, market sentiments lean towards a bullish outlook, indicating a potential rise in the BTC price after the ongoing correction.
The recent drop in Bitcoin price was not directly caused by a court decision on tariffs, but rather by President Donald Trump’s announcement of imposing tariffs on Canada and Mexico. This move triggered volatility across the markets, leading to Bitcoin plummeting below $91,000 and resulting in almost a billion dollars in total liquidations. However, a recent US federal court ruling blocking Trump’s $10 billion tariffs has sparked optimism for Bitcoin’s future.
The BTC price recently saw a bullish push, possibly due to the Golden Cross formation, which may soon turn into a death cross. Perpetual whales are optimistic about the network, while spot traders are gearing up for new BTC highs. Data from Binance shows that perpetual whales are defending $100K with bids, while spot sellers are eyeing to sell at $120K. This uncertainty leaves the BTC price forecast hanging between the possibility of reaching a new all-time high at $120K or dropping back to $100K.
Analyzing the BTC USDT price chart, it is evident that the price has displayed a divergence similar to that seen in the first days of April, albeit in reverse now. The DMI indicator shows a bearish crossover, while the RSI maintains a steep descending trend. This indicates a potential bearish reversal, with the price likely heading towards the local support at $102,153 at 0.786 FIB. A failure to trigger a rebound at this level could lead to a drop below $100K, while a successful rebound could push the price into the resistance zone between $105,937 and $107,615.
The monthly close will be crucial in determining the next move for Bitcoin’s price. It needs to remain above the local support level to avoid a deeper correction. Overall, the market remains volatile, with the potential for both a significant rise to $120K or a drop back to $100K. Investors should closely monitor the market trends and be prepared for any possible outcomes.